It’s been said that The PUget Sound region is doing better than the rest of the country when it comes to the economy. Who knows if the news of this week changes that, but for now I say I believe it.
One reason is likely our global ties. Consider the following rough estimate:
Boeing employment in our region: approx 75,000 people
Microsoft employment in our region: approx 40,000 people
Aerospace multiplier (how many jobs does an aerospace job support?): 3.2
IT multiplier (how many jobs does an IT job support?) 3.4
% of Boeing orders from somewhere other than N. America: 71%
% of Microsoft business done outside N. America: d/k – I’ll use outside US employment (91,000) vs inside US employment (54,000) as a proxy and say 60% .
So let’s run those numbers…
Boeing employment plus multiplier (Boeing x 3.2): 240,000
Microsoft employment plus multiplier (Micorosft x 3.4) 136,000
Total employment 376,000
…in four county region (total regional jobs: 1.6 million), that are 60-70% dependent upon the rest of the world, not the US. And that is a merely small, small sliver of what’s really out there and tied to the global economy more than to America’s. I didn’t even discuss our ports.
But it’s 20% of the jobs in our region, just from those two large employers alone.