The Greater Seattle region’s economy sizzled in 2018, growing faster than any other major U.S. metropolitan area. Greater Seattle Partners (GSP) released an analysis today showing that the region’s gross domestic product (GDP) increased by more than $23 billion in 2018.
“Innovation and talent drive growth,” said GSP CEO Brian P. McGowan. “We are overtaking places with far greater populations because our workers and our businesses are some of the most creative and productive in the world.”
Greater Seattle is the fastest growing region in the U.S. among those with populations over two million, according to estimates of 2018 real GDP from the federal government’s Bureau of Economic Analysis (BEA). The region is growing 2.3 times faster than the national average.
Between 2017 and 2018 real GDP increased in the Greater Seattle region from $333 billion to $356 billion. Greater Seattle’s annual growth rate of 6.9 percent registered as the largest change year over year among all major U.S. metropolitan areas. This marks the first time the region has eclipsed the field and been crowned the “fastest growing region” since the BEA began collecting data in 2001. Greater Seattle is moving toward becoming one of the top-ten economies in the U.S.
Strong growth continued in King, Pierce, and Snohomish counties in 2018.
Real GDP in King County grew from $258 billion to $277 billion, representing an annual growth rate of 7.6 percent. That’s the 2nd highest rate among U.S. counties over 500,000 in population and behind only Santa Clara County, Calif., whose GDP grew 10.2 percent in 2018.
In Snohomish County, real GDP grew from $37 billion to $39 billion, representing a 4.5 percent annual growth rate, which ranked 18th among counties over 500,000 in population. In Pierce County, real GDP grew from $38 billion to $40 billion, representing a 4 percent annual growth rate and ranking 31st among U.S. counties over 500,000 in population.