Local, state, and national indicators showing the relative health of the Puget Sound economy.
Despite the upward tick of unemployment between November (5%) and December (7.2%), the employment outlook for the Seattle metro looks promising as the share of vaccinated population increases, starting people returning to the office. As more people populate downtown Seattle and Bellevue, retail trade and leisure & hospitality will lead job growth, forecasted by Oxford Economics to be 3.7% this year. In terms of GDP, economic growth in Seattle is expected to outperform San Francisco by 0.5% annually between 2021 and 2024, posting close to 3% growth annually compared to 2.5% annually in San Francisco and 1.5% across the U.S., also according to Oxford Economics. Home values continue to increase throughout the metro and in January, they reached $594,000, an increase of $70,000, or 9.2%, compared to $20,000, or 5.7%, nationally. Increasing home values is a good sign for the region’s outlook, since homeowners are less likely to move than renters.