Opening Bell
Washington State Statshot: Economic Snapshot 2024
Aerospace jobs are on the rise, but building permits are declining
By Seattle Business Magazine January 25, 2024
This article originally appeared in the January/February 2024 issue of Seattle magazine.
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 rate.
- 2.4%: Growth in personal income.
- $62,607: Real per capital personal income, $8,600 higher than the national average.
- $62.966B: State general fund revenues.
- 0.5%: Growth in state general fund revenues.
- 6.14%: 30-year, fixed-rate mortgage (down from 6.6% in 2023).
- 75,900: Aerospace jobs, almost 12% more than in 2022.
- 44,300: Building permits, a 24% decrease from 2022.
- 230,400: Construction jobs, a slight decrease from 2023 because of fewer multifamily projects.
Source: Economic And Revenue Forecast Council, State Of Washington
Big Number:
$7,200
The nightly cost of a two-bedroom presidential suite at The InterContinental Bellevue at the Avenue, a new luxury hotel opening in January.
*Source: IHG Hotels & Resorts
“These are not petty thefts. These are multi-jurisdictional, organized crime rings that endanger the safety of employees and customers, damage our economy, and drive up costs for all Washingtonians.”
– Attorney General Bob Ferguson on the state forming an organized Retail Crime unit. A recent Forbes Advisor report found that Washington state has the worst retail-theft problem in the United States.