Because of its growing economy, Washington state is again on high roads. For the 2nd time in a row, the state has been mentioned number 1 in the United States News Best States ranking. The only state to acquire the leading position twice in a row.
The state’s strong secondary education system and low-carbon energy system continue to rank the best among other American states. Moreover, the state’s economy also got ranked first across the nation.
According to the Best States rankings, faults have proved persistent when Washington’s labor costs and high living put it in the middle of the pack as it comes to opportunity for its people.
With its industry-oriented education system, flat taxes, and progressive politics, the state has created its position as a tech sector powerhouse. Recently, Amazon crossed Boeing Co. (which is already dealing with the shutdown of its 737 Max aircraft ahead of the pandemic Coronavirus cut air travel), as Washington’s dominant private company, by the number of workers. Furthermore, Facebook and Google hire thousands of employees in the Seattle region, a growth that state officials believe to see continue.
Washington even came up as a country’s leader in business development. It obtained the fifth spot for venture capital per the United States News, observed around two-hundred industries obtained venture capital funding in 2020.
Washington turned out to be more strong even in this challenging year
Tim Porter, a managing director at Madrona Venture Group (one of the state’s oldest venture capital companies), said that in around fifteen years, he has been in venture now, and it just keeps growing. He continued that there are further opportunities and more founders. Tim Porter further explained that even through this highly challenging year, Washington and Seattle are going to become more stronger on the other side.
The Bureau of Economic Analysis’ data showed that the state consistently has a five-percent growth rate in its GDP (Gross Domestic Product) during 5 years ahead of the pandemic hit. Besides this, Chris Green (who administers the Office of Economic Development & Competitiveness in Washington’s Department of Commerce), marks the businesses that enabled Washington’s economic growth.
Technology is booming, but Washington has observed expansions in clean energy, space projects, and life sciences. While having the trade battle with Beijing, the agriculture sector of the state is still very strong.
Green described that they were aerospace and manufacturing state, and that’s still true. He added that the growth of these gigantic, monolithic technology firms located here and firms that are thinking about their secondary locations in the state has really been an advantage to the state.