According to Forbes Magazine, Washington is the ninth best state for business in America. With a GDP growth of 2.9 percent and Human Development Indicator of 5.40, Washington ranks as the thirteenth rapidly developing state in America.
Quality of life, a robust supply chain, centralized export hub, and low-cost of energy make Washington one of the most preferred choices of businesses. Manufacturing companies like Boeing, Microsoft, SpaceX, significantly contribute to Washington’s economic growth. Providing shelter to more than 250,000 businesses, Washington has a diverse economy.
Aerospace and aircraft manufacturing provides job opportunities to about 19% of the population, which calculates to about 136,100 jobs. This sector generates revenue worth more than approximately $70 million, making it the top manufacturing sector. More than 90% of all commercial aircraft in America are manufactured in Washington. Boeing’s 737 MAX, 777X, and the next generation of aircraft are all made here.
Information and Communication Industry
The Information and Communication industry (ICT) ranks as the second best manufacturing industry in the state. Unfortunately, only 6% of the state’s population, approximately 200,000 people, are employed in technology sector jobs. Over 14,000 companies with a valuation of more than $1 Trillion make this sector prosper.
Consistently pioneering in inventing new products and services, Microsoft, Cray, Zillow, Amazon, Oracle, Expedia and others have taken Washington to new heights. Engineering offices of Apple, Hewlett Packard, Best Buy, Facebook, eBay and Alibaba call Washington their home.
Washington is #1 in the production of apples, pears, grapes, hops, sweet cherries and red raspberries. It is #2 in premium wine and seafood production. Such an abundance of food plays a huge role in Washington’s agricultural manufacturing. In particular, food processing. Major processes include canning fish and meats, and packing, preserving and freezing fruits, vegetables, and berries.
These products are not only consumed locally but are in massive demand across Europe and Asia. Thus, a large amount of produce is exported worldwide. This makes Washington the third largest trade savvy state in America. At third place, the agricultural industry provides job opportunities to about 16% of the state’s population.
Washington holds the rank of #1 for a variety of accomplishments:
- The Top States for Business (2017) by CNBC
- The Top States for Business in Technology and Innovation (2016) by CNBC
- Percent of Workforce who are STEM Professionals (2016) by Bloomberg
- States with the lowest average retail cost per kilowatt-hour for industrial electricity by U.S. Department of Energy
- Best Broadband Connectivity by Technet
With so many feathers in its cap, Washington is one of the biggest and brightest hubs for businesses in the United States.
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