by shannonkringen
Economy of Seattle
Economically Seattle is very stable city as a result it becomes a attractive factors for most of the companies and people who then come here to this city in search of better opportunities and to grow, and live a luxurious and well profited life. Seattle economy is run by both, old companies and new companies; however the major economic engine for Seattle is its port. In addition to them, the economy also depends upon tourism, internet and technology companies, along with that the healthcare department is also a major institution providing jobs to quite a number of people and the researches done in here funds the economy of the city.
The city has 3.58 million people residing in it and there are roughly 1.8 million job opportunities. The largest employer is university of Washington with annual research budget of 1.02 billion dollars and 3.7 billion in annual revenue.
Seattle healthcare department houses 96,000 job and the research projects and other stuff contribute $ 10 billion annually to the economy of Seattle. The medical department is well established thanks to Washington university as a result the research carried out here worth’s a lot and in addition to that the work force consist of people of different races, thus overall effect is quite impressive on the economy of Seattle. By industry concentration standards the biotechnological and medical department stands in 5th place.
The IT sector or the information technology sector includes a total of 3000 companies in it, thus roughly having a total of 191,000 employees in this sector. This city also have the headquarter of Microsoft as a result, the economy is greatly boosted by this department, as the new projects launched and products introduced by the IT sector are sold internationally at a very high price. Then there are other companies like, smart energy sector, arts sector, coffee industry, fisheries sector. All these sectors contribute a large amount of the money. Fishery sector is the largest national sector and most of the catch is packed, processed and export, sometimes the catch is exported just as it is. Then Seattle’s coffee is also very famous thus the company exports the large amount of coffee to the rest of the world.
In addition to all this, Seattle economy is also depended upon the aerospace industry. The headquarter of Boeing international company is also situated in this city. The planes produced by these companies and exported, brings in a huge flow of cash to the city treasury. The food processing companies are also present, that are both national and international. The city is famous for its canned fish food as it after all has the largest fishery department. In 2003, Corbis one of the world’s leading digital image providers moved there headquarters to the city. Then there are various mining companies too that employ a number of people who mine gold and other expensive and important metals which finally become a source of trading company. Port of Seattle also contributes to the economy is huge amount as it is the center point of trading industries and many other cities have set up there trading post here, thus the port is the major links with the international markets of other countries.
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