Opening Bell
Whale Wins
A new study pinpoints massive economic impact
Most people look at Puget Sound and think of its natural beauty. They notice nearby islands, or Washington state’s fleet of 21 ferry vessels. Add whales to that mix. A study for the Pacific Whale Watch Association by Martin Associates finds that whale watching expeditions in Washington state create $119.1 million in economic value and…
Statshot: Maritime Punch
A hub of innovation
Working waterfronts across Washington state boast significant economic benefits. The state maritime industry creates more than 174,000 direct and indirect jobs and $14.4 billion in labor income. A study commissioned by the Washington Maritime Federation found that the average annual salary for maritime-related jobs is $112,000, including benefits. The study notes that, while the majority…
Counterfeit Crackdown
Amazon bulks up fraud-fighting efforts as global scams increase
Amazon’s extensive efforts to fight fraud are paying off. The Seattle e-commerce giant says it stopped more than 700,000 “bad actor” attempts to create new selling accounts last year. Amazon’s recently released 2023 Brand Protection Report reveals that the company invested a staggering $1.2 billion into fighting fraud last year. Amazon has more than 15,000…
Creating Community
Hayden Homes is a robust builder in more ways than one
As a homebuilder with employees spread across the Pacific Northwest, Hayden Homes faces a unique challenge in creating a tight-knit culture of cooperation and collegiality. It all comes down to trust. It’s very intentional. “Team members are trusted to do their work and be accountable to the team depending on them,” says Patti Murphy, the…
On Reflection: Dogs and Chickens
Costco's trajectory just keeps rising
You can buy virtually anything at Costco. Costco has its own travel agency. It offers health. The company sold 11 million tires last year and filled 60 million prescriptions. You can buy a 5-carat diamond for $260,000 or a Mickey Mantle autographed rookie card for $250,000. But it’s the hot dogs and rotisserie chickens that…
Statshot: Weapons of Mass Construction
Seattle boasts an impressive number of new office buildings
Downtown Seattle’s vacancy rate continues to rise, though new office buildings are going up at a rapid rate. A report from Kidder Mathews pegs the vacancy rate at 23.9%. For comparison purposes, it was about 10% at the end of 2019, just before the pandemic. Despite that, data firm Commercial Edge reports that Seattle has…
Healthy Food Drives Deal
Entrepreneurs Norman Wu and Lisa Nordstrom join forces over a shared passion
It began with the creation of a healthy snack. It morphed into a café. Now, a major investment will transform the very nature of Sano Café. Conscious Hospitality Group co-founder Norman Wu is making a major investment in Sano Café, a small establishment on Mercer Island that offers espresso, juices, smoothies, breakfast, and lunch. Lisa…
Internal Focus, External Results
Vern Olson works to create trusting relationships at Bob’s Heating & Air Conditioning
If it matters to Vern Olson, it matters to everyone else. That’s a guiding mantra at Bob’s Heating & Air Conditioning, a third-generation, family-owned business based in Woodinville. Olson is president of the 364-employee company, which was founded in 1957. “It starts at the top. If it’s important to you as the owner, it will…
On Reflection: Don’t Write Off Seattle’s Commercial Core Just Yet
The city makes big gains in real estate trends report
Thanks to Seattle’s battered but still significant tech sector, the region ranked an impressive No. 10 among metros in all states in the Emerging Trends in Real Estate 2024 report. “Ratings have been volatile in recent years, mostly due to the changing fortunes of the tech sector,” the annual report from the Urban Land Institute…
Washington State Statshot: Economic Snapshot 2024
Aerospace jobs are on the rise, but building permits are declining
Nobody has a crystal ball. Economists with the state of Washington, however (and everywhere else), are analyzing what they think the economy will soon look like. Here are projections for the statewide economy in 2024 based on sophisticated analytical models. They do not necessarily reflect current market conditions. 5.3%: State unemployment rate. 5.4%: U.S. unemployment…
Catching up with Michelle Li
Very Asian co-founder remains a fan of Seattle
Michelle Li lives and works in St. Louis now, but the former KING-5 broadcaster will always consider Seattle a second home. Li famously created the Very Asian Foundation after a viewer in St. Louis left a racist voicemail telling her to “keep her Korean to herself” and accusing her of being “very Asian” after she…
Statshot: Talking Tech
High salaries, remote workers make Washington state the nation’s top tech employer
Watch out, Silicon Valley. Yet another study pegs Washington as the top state for tech. Business consulting firm Venture Smarter analyzed median hourly wages, the number of people employed in tech roles per 1,000 jobs, and also added the percentage of remote workers to devise a “Tech-Friendly Index.” Washington has the highest number of remote…