Greater Seattle Economic Report 2024
The Greater Seattle region continues to thrive as a dynamic hub for innovation, attracting talent and investment from around the world. This annual economic report provides a comprehensive overview of the region’s economic performance, highlighting key trends and insights that shape our community. Greater Seattle’s unique blend of natural beauty, a thriving tech sector, and a strong commitment to arts and culture creates a truly exceptional quality of life. From the majestic Cascade Mountains to the Puget Sound, the region offers unparalleled recreational opportunities, fostering a healthy and active lifestyle for residents. The region’s robust economy is driven by a diverse range of industries, including aerospace, technology, life sciences, and global trade. Seattle has long been a pioneer in the tech industry, home to global giants like Amazon, Microsoft, and Boeing. This innovation ecosystem fuels job growth, attracts top talent, and fosters a culture of entrepreneurship.
Furthermore, Greater Seattle’s commitment to sustainability and social equity is evident in its investments in green infrastructure, affordable housing, and inclusive economic development initiatives. The region strives to create a more equitable and sustainable future for all residents, ensuring that the benefits of economic growth are shared broadly. This report will delve deeper into the key economic indicators that shape the region’s success, including foreign direct investment, startups and the innovation economy, international trade, and industry sector performance. By understanding these trends, we can better navigate the challenges and capitalize on the opportunities that lie ahead, ensuring a prosperous and equitable future for the Greater Seattle region.
| King County | Pierce County | Snohomish County | |
|---|---|---|---|
| Median Household Income | $116,340 | $91,486 | $104,083 |
| % Foreign-Born Population | 24.5% | 10.5% | 17.7% |
| % Remote Workers | 22.6% | 10.9% | 15.9% |
| % of Commuters Taking Public Transport to Work | 9.3% | 2.9% | 3.8% |
| Median Age | 37.2 | 36.5 | 38.3 |
| Median House Value | $761,500 | $444,600 | $592,800 |
Economic Overview
The 2024 total population of Greater Seattle was 4,053,291. The population grew by 1.9% (75,506 people) over the last 5 years and is projected to grow another 1.6% (64,325 people) over the next 5 years. 27.8% of residents have a bachelor’s degree, which is 6.3% above the national average. 9.1% have an associate’s degree, which is 0.2% above the national average.
The most popular post-secondary institutions of the region (by number of graduates) are the University of Washington-Seattle, Seattle University, Bellevue College, and the University of Washington-Bothell. The number of graduates across the Greater Seattle area has fallen around 15% over the last 5 years. The most popular majors for graduates are “Liberal Arts and Sciences/Liberal Studies” (Associate’s), “Business/Commerce, General” (Associate’s), and “Early Childhood Education and Teaching” (Certificate). In 2023, there were 47,780 graduates in the region.
From 2019-2024, jobs increased by 1.0%, whereas the national average was 3.9%. Labor force participation rate increased by 1.2%. Labor force participation rate is the percentage of the working-age population that is either employed or actively seeking employment.
The region’s GRP is $560.4 billion, which represents 70.7% of the state’s overall GRP ($793.2 billion). The labor force consists of 2,275,098 people, which represents 57.1% of the state’s overall labor force (3,984,095 people). The cost of living index is 123 in Greater Seattle, whereas the state average is 115. The cost of living index evaluates the comparative expenses associated with living in various locations. It considers costs such as food, housing, transportation, energy, clothing, and healthcare.
Washington’s Top Employers
| Company | State Employment |
|---|---|
| Amazon | 87,000 |
| Boeing | 66,797 |
| Microsoft | 55,119 |
| Joint Base Lewis-McChord | 54,025 |
| University of Washington | 53,305 |
The top employers of the state are Amazon, followed distantly by Boeing, Microsoft, Joint Base Lewis-McChord, and the University of Washington. Other prominent employers include Meta, King County, Google, the State of Washington, and T-Mobile, Costco, and Starbucks. The top 5 largest Washington-based public companies are Amazon, Costco, Microsoft, T-Mobile, and Starbucks, respectively.
The most in-demand occupations of the region are healthcare practitioners and technical, management, computer and mathematical, and sales. The industries that bring in the highest GRPs of the region are (1) information at $134B (2) professional, scientific, and technical services at $48B, (3) government at $47B, and (4) manufacturing at $47B.
Top 5 Largest Washington-Based Public Companies
| Company | Location | Revenue (2023) | Net income (2023) | Total Employees |
|---|---|---|---|---|
| Amazon | Seattle | $575B | $30B | 1,500,000 |
| Costco Wholesale | Issaquah | $242B | $6B | 316,000 |
| Microsoft | Redmond | $212B | $72B | 228,199 |
| T-Mobile | Bellevue | $63B | $8B | 66,798 |
| Starbucks | Seattle | $36B | $4B | 381,000 |
Sources: Lightcast, 2025; Puget Sound Business Journal Book of Lists, 2024.
The report was researched and written by Dr. Victoria DePalma, Greater Seattle Partners Research Director.
Ready to take advantage of everything Greater Seattle has to offer?