Seattle employment shows little sign of slowing, growing 3.1 percent year-over-year
The Seattle metropolitan area is still among the fastest growing economies across the country.
November 13, 2019
- Data released from the United States Bureau of Labor Statistics on October 2nd indicates that the Seattle metropolitan area is still among the fastest growing economies across the country. The Seattle-Bellevue-Tacoma metropolitan statistical area added over 63,000 jobs in the 12-month period between August of 2018 and August of 2019, a percentage increase of 3.1 percent.
- Among the 15th largest metropolitan statistical areas ranked by total employment, this puts Seattle second in terms of growth over that 12-month time period.
- Growth of large technology users in the region has accelerated the Puget Sound job market for nearly a decade. What’s perhaps surprising in this latest release, is that this growth doesn’t appear to be slowing. In fact it looks likely to continue over the near to mid-term.
- Large technology users show little signs of slowing their growth trajectories regionally, as they continue to pre-lease space in development projects at an accelerated rate in both Seattle and on the Eastside. The vast majority of this pre-leased space is net new demand and will result in newly added jobs to the regional economy.
- As this leasing activity drives declining vacancy rates across the region, the question moving forward will be whether developers can keep up with this overwhelming demand for space.
Source: JLL Research, U.S. Bureau of Labor Statistics