Seattle Downtown is Booming According to Economic Report
Seattle is a booming downtown. Despite issues with congestion, transit, and affordability, Seattle is seeing an unparalleled boom.
According to DSA’s 2016 economic report, the five square miles of the city’s core have some impressive statistics.
- Housing: Over five years, 73 new residential buildings have added 11,415 units. Also, 25 more buildings are under construction or ready to break ground. In all, this gives Seattle a 44% jump in housing since 2010.
- Workforce: The five square miles of downtown hold nearly 246,000 jobs, or half of the city’s workforce. Since 2010, approximately 30,000 new jobs have been added, about 60% of the jobs gained in the entire city.
- Public Transit: Nearly half of the downtown workforce takes public transportation, and 69% commute in a way other than solo driving.
- Office Space: Office space net occupancy has increased 9 million square feet since 2010—more than half the new space in the Puget Sound region. Many older buildings are also being adapted for new purposes.
- Retail: Over the last five years, sales have increased 23% and 40 new retailers opened last year. There has also been an increase in entertainment and restaurants.
Unlike many American cities that experienced a steep decline during the depression, Seattle never fell as far as some. Pike Place Market attracts more than 10 million visitors a year along with Pioneer Square. Other benefits for Seattle include the fact that it’s home to Amazon, Zillow, Microsoft, Starbucks, and others. Also, Weyerhaeuser and Expedia are also moving their headquarters from the suburbs to downtown Seattle. Seattle is cheaper than the Bay Area, so it draws numerous tech companies.
Seattle also has a low violent crime rate compared to other big cities, making it an attractive place to live. In total, more than $351.5 million has been invested in the Pike Place Corridor to demonstrate that Seattle downtown is a place to live, work, shop, and play.
About the Author
Kelly Vo
Kelly Vo is a writer who specializes in covering MBA programs, digital marketing, and personal development.
