Washington state #1 economy in America
The federal Bureau of Economic Analysis (BEA) numbers out this month place Washington state’s economy as the fastest growing in the nation in 2016. With a 3.7% GDP growth rate, our diverse economy continues to thrive at more twice the national rate. The booming IT sector alone contributed more than a full percentage point to a stellar year, and solid performance continues in this and other key industry sectors.
Additionally, our state’s unemployment rate dropped to 4.6 percent – the lowest since June 2007, and a historically low number. Unfortunately, some areas of the state are not sharing equally in the tech boom which has pushed unemployment rates in Puget Sound to some of the lowest in the nation at just over 3 percent. Our outreach work at Commerce remains focused on strengthening communities all across the state. Community and economic development go hand in hand and we remain dedicated to expanding opportunities for growth and new jobs to all Washingtonians.