As the country looks to turn the corner on the pandemic and enter full economic recovery, Washington is well-positioned, says 24/7 Wall St., a financial reporting and analysis firm.
The state’s economy was booming before COVID-19, with a 3.9% GDP growth rate for the five years previous. While unemployment increased to almost 10% in the wake of stay-at-home orders, following the science has allowed the state to turn the corner more quickly than many other states, in part because of the diversified economy.
Washington was one of the first states hit by the pandemic and the state’s legacy industry – aerospace – was particularly hard hit as domestic and international travel came to a virtual standstill and orders for new craft tapered off in a wake of delayed deliveries and cancellations.
Thanks to the state’s robust information and communication (ICT) sector, which accounts for 21.2% of Washington’s annual GDP, the economy is demonstrating that its focus on supporting a highly diversified sector-based economy is paying off.
When it comes to the percentage of workers at high risk of losing their jobs in the wake of the pandemic, Washington ranks lowest in the nation at 15%, according to the new rankings just released. That places Washington at #3 in the nation, right after Utah and Idaho.
State economic development experts continue to work closely with the Governor’s office to develop and execute strategies that take advantage of the state’s broad portfolio of sectors – advanced manufacturing, agriculture, ICT, clean technology, forest products, life sciences, maritime, etc. – to ensure that recovery is not only equitable and inclusive across the state, but diverse as well.
Read more about the rankings.