Gross Domestic Product
Real GDP (a measure of economic growth) increased from 2009-2017, growing from $350 billion to $440 billion, above the pre-recession peak of $360 billion.
Jobs
Private-sector employers have added 490,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector added 100,000 new jobs. There were 2,800,000 total jobs in the private sector in 2018, more than 300,000 more jobs than before the recession. Average hourly wages in the private sector grew from 2008-2018, going from $25/hr to $32/hr.
Manufacturing employment has recovered from the recession. There were 287,000 jobs in this sector in 2018, only slightly below 2008 peaks of 295,000 jobs, but still down from the 2000 high of 337,000 jobs. Average hourly wages of manufacturing employees generally increased since 2005, going from $19/hr to $27.50/hr by 2018.
There were 111,000 jobs in the Transportation and Warehousing sector in 2018, 15,000 more than before the recession, showing growth in this sector. The average wage in Trade, Transportation and Utilities occupations was $19/hr in 2008 and $25/hr in 2018.
Unemployment
The unemployment rate in 2018 is 4.8%, the same as in 2017. This is above the national average of 3.9% unemployment.
Housing
The House Price Index, a measure of the cost of housing, decreased from its 2008 peak until 2012 when it resumed growth. As of 2018 it has significantly exceeded pre-recession peaks, showing increased housing costs (500 in 2008 and 605 in 2018).
Seattle-Tacoma-Bellevue
Gross Domestic Product
Real GDP (a measure of economic growth) increased from 2009-2016, growing from $240 billion to $295 billion, above the pre-recession peak of $249 billion.
Jobs
Private-sector employers have added 380,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector added 70,000 new jobs. There were 1,780,000 total jobs in the private sector in 2018, more than 250,000 more jobs than before the recession. Average hourly wages in the private sector grew from 2007-2017, going from $28/hr to $36/hr.
Manufacturing employment has mostly recovered from the recession, but is still below 2000 levels. There were 177,000 jobs in this sector in 2018, slightly below 2008 peaks of 191,000 jobs, but still down from the 2000 high of 218,000 jobs. Aerospace Products and Parts Manufacturing employment are at pre-recession levels, with 82,000 jobs in 2008 compared to 78,000 in 2018. Average hourly wages of manufacturing employees were $23.46/hr in 2018.
There were 57,000 jobs in the Transportation and Warehousing sector in 2018, 6,000 more than before the recession, showing slight growth in this sector. The average wage in Transportation and Material Moving occupations was $22.68/hr in 2018.
Unemployment
The unemployment rate in 2018 is 3.6%, the same as in 2017. This is below the national average of 3.9% unemployment.
Housing
The Consumer Price Index (CPI) has increased consistently 2000, showing a rise in the cost of living. Consumer Price Index for Housing is higher than the general CPI, showing how housing is a significant contributor to rising cost of living.
