In 2015 the central Puget Sound region gained 54,300 jobs, marking the fifth consecutive year of job growth.
The region added a total of 241,300 wage and salary jobs over the past five years.
In the previous five years, 2005 through 2010, the region lost 6,600 jobs.
From 2010 through 2015, job gains were recorded within King, Pierce, Snohomish, and Kitsap counties.
The data is available at Puget Sound Trends.
It is compiled from the state Employment Security Department’s seasonally adjusted estimates for January.
A draft economic analysis for the region shows the employment levels in the Regional Economic Strategy’s industry clusters from 2008 to 2014.
The last six-years has meant significant changes in employment levels for the region’s industry clusters.
Five of the industry clusters have had increases in employment over the six-year period, the bulk of which occurred in Information Technology (24%) and Aerospace (12%).
The other clusters with employment growth were Tourism & Visitors, Maritime, and Transportation & Logistics, which grew by 5%, 2.7% and 1% respectively.
Four clusters had declines in employment since 2008. Clean technology dropped by nearly 17%, Military and Business Services by 7% a piece, and Life Sciences & Global Health (which includes Philanthropies) by almost 5%.
The analysis is being done to help launch the new Regional Economic Strategy.
The region gained 236,400 wage and salaried jobs in the past five years, according to the latest seasonally adjusted employment report from the state.
At its peak, Boeing’s $1 billion plus 777X Composite Wing Center will employ 1,200 construction contractors. It’s roughly the size of 25 football fields. This photo was taken in April. It’s scheduled for completion in May, 2016. (Photo credit: The Boeing Company)
A total of 62,000 new wage and salaried jobs were recorded from June 2014 through June of 2015 – the third highest year-to-year job gain since 1990.
The job growth of the past five years was the second highest in the past 25 years, exceeded only by the 279,000 job gain from 1995 to 2000.
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By comparison, the region grew by just 16,500 wage and salaried jobs – during the entire decade – from 2000 to 2010.
This state employment data does not include all jobs – uniformed military jobs and sole proprietors are among jobs not included in the state’s monthly wage and salaried data.
The Puget Sound Regional Council tracks both wages and salaried jobs (which is equivalent to the state’s employment data) and total jobs.
When it comes to total jobs, the PSRC estimate is that we’ve gained over 295,000 jobs in the past five years.
PSRC’s forecasts total jobs to exceed 2.2 million by next year and 2.9 million by 2040.
Industrial lands are home to nearly a third of all jobs in the region – and these jobs are good-paying.
The region is expected to add nearly 84,000 more industrial jobs by 2040.
A newly published report on industrial lands shows that industrial jobs on industrial lands pay an average annual wage of $80,000, significantly higher than the regional average.
The report takes a look at whether the region has enough industrial land to accommodate economic growth.
In 2013, the region had 71,983 gross acres of industrial-zoned land. Since the last inventory in 1998, industrial land supply has eroded in some areas and has grown modestly in others.
Most of the regional manufacturing/industrial centers have added industrial zoning within their boundaries.
As a whole, the central Puget Sound region has enough industrial land to meet future growth needs.
But some areas will need to consider strategies to ensure that the existing land meets the future needs of industrial companies, and there are additional steps the region could take to enhance the usability of industrial land and support job growth.
For more details and findings, check out the full report here or read the highlights in the Executive Summary.
The job picture in the Regional Economic Strategy‘s ten industry clusters is not as clear cut as you’d think.
The new tool being shown at the Economic Development Board meeting will show data on each Industry Cluster and what type of occupations are employed in it.
Washington Employment Security data from 2013 shows that the types of occupations the clusters support are quite varied and that certain occupations are needed across a variety of clusters.
For example, the Information Technology cluster only employs just under 60% of the people with computer and math jobs, which accounts for about half of the jobs in IT. The bulk of the rest of the occupations involved in IT are support roles like management, operations, administration and sales.
Concurrently, computer and math occupations are important to three other clusters. They account for over 8% of jobs in aerospace, 6% in business services, and 3.5% in life sciences.
PSRC’s Economic Development board will be looking at a new tool that will give board members a chance to look at the occupations in each of the ten industry clusters at its December 3, 2014 meeting.
We don’t have any crystal balls here at PSRC, but we do predict the future.
That is, the future growth of population and jobs.
We’re expecting 5 million people to call the central Puget Sound region home in 2040—that’s 1.3 million over the four-county region’s 2010 population.
Almost as dramatic is the employment increase. The region is expected to add 1.1 million jobs by 2040, to reach a total of 3 million.
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The Washington Economic Security Department released its monthly employment report for May this week, which shows the unemployment rate is falling in Washington.
The Seattle metro area (including Bellevue and Everett) had an unemployment rate of 4.7% in May, down from 5.1% in April. The state jobless rate was 6.8%.
The report estimates that Washington state as a whole gained 4,100 nonfarm jobs from April to May 2013. Of those, 900 were in the private sector and 3,200 in the public sector.
You can see the full report on the ESD website, along with a map showing the jobless rates in each county in the state.