Comfortably situated on the picturesque Puget Sound, Seattle is a major city in America’s illustrious Washington State. Renowned for its stunning mountainous backdrop and surrounding natural sights, Seattle isn't typically associated with business. However, the seaport city was rated the best for business in 2018 and 2019 by Forbes magazine and boasts a robust economy that continues to boom post-pandemic. Read on to discover why the growth of business in Seattle should put the city high on the list of those investing in the US.
1. Aerospace Investment
Much of Seattle’s economic prowess can be attributed to its strong aerospace manufacturing background. While the city’s economy has diversified to include ‘new economy’ technology companies, Seattle was previously home to the headquarters of Boeing – the largest company based in the city at the time. Indeed, Boeing was founded in the city in 1916, and to this day Boeing Commercial Airplanes is headquartered in the Puget Sound region – testament to the role the city’s geography plays in its robust economy. The largest private employer in the Seattle Metropolitan area, Boeing has helped shape the modern Seattle business landscape, attracting thousands of employees, homeowners, and investors to the region. Indicative of the city’s robust infrastructure and growth, business in Seattle has attracted a wealth of other aerospace companies, including SpaceX and Fatigue Technology. In turn, potential investors can be confident that Seattle’s economic stability is guaranteed for the future.
2. Biotech Boom
Recognised as one of America’s top emerging life sciences hubs in 2019, Seattle’s biotech industry has continued to flourish in recent years. Historic investment in Seattle’s science community, bolstered by the city’s six universities and multiple colleges, enabled the region to develop and retain a high concentration of skilled science-based professionals. Continued growth in the sector was impacted favourably during the covid pandemic, with many Seattle biotech companies expanding their operations to provide the necessary research and manufacturing capacity for vaccine development. Biotech companies in the Seattle region include Bristol Myers Squibb, Spiral Genetics, and the Seattle-founded Seagen. The cyclical effect of this investment – the growth in biotech in turn increasing the numbers of students flocking to the city to study and pursue careers – has a knock-on effect for the wider economy, making Seattle a natural prospect for anyone investing in the US.
3. Geography and Infrastructure
As previously mentioned, the success and growth of business in Seattle owes a great deal to the city’s geographical location. Nestled between the expansive Lake Washington and the oceanic Puget Sound, the city offers a combination of highly desirable living districts and logistical utility. Seattle’s main harbour, Elliot Bay, is home to the Port of Seattle – one of the busiest ports in the world and a leading economic engine in the Pacific Northwest. It is this optimisation for Pacific trade that helped Seattle become one of the fastest-growing cities in the US.
Seattle also boasts an impressive transportation infrastructure. With two passenger airports (Seattle-Tacoma and Paine Field), international commuting to the city is nothing if not convenient. These, combined with the city’s extensive array of bus routes, light rail services, and frequent ferries, make Seattle easily traversable. Admittedly, the city does suffer from road congestion, but it’s relatively small size and grid pattern layout makes it eminently walkable. All these factors result in the city being regularly ranked as one of the top ten places to live in the US.
4. Culture and Leisure Capital
Quality of life is a key factor for those considering investing in the US. In addition to providing employees with a positive environment in which to live and work, good quality of life ensures future employment growth. The ability to attract talent, from both local and international sources, is crucial to any business’s expansion strategy. In this regard, Seattle boasts a plethora of cultural attractions and activities that make it especially attractive to potential employees.
The city is awash with venues promoting some of the world’s finest art and music. The impressive art collections of the Seattle Art Museum are accompanied by the incredible pieces of the Asian Art Museum, Olympic Sculpture Park and many more dedicated art venues throughout the city. Similarly, Seattle is home to a lively music scene, with many of the world’s top artists regularly performing in the city’s numerous live music venues – including The Crocodile, named by Rolling Stone Magazine as one of the best clubs in America.
An obvious advantage of living in Seattle is the city’s immediate natural surroundings. Unlike larger US cities like New York and Chicago, Seattle has nature on its doorstep in a variety of forms, meaning escaping the bustling streets to relax and recuperate is easily accomplished. Whether it's boating on Lake Washington, water sports on Puget Sound, or hiking along Rattlesnake Ridge, Seattle has an abundance of outdoor activities to enjoy.
5. Start-up Specialists
Another reason Seattle continues to attract those investing in the US is its growing start-up community. With a history of impressive start-ups that includes Amazon and Microsoft, Seattle has a growing community of start-up schemes and programmes aimed at welcoming new talent and entrepreneurship. Indeed, Seattle start-ups accumulated over $3.2 billion in venture capital in 2020 – indicative of the city’s start-up investing power. The city also has a roster of 25 start-up accelerators and incubators, with the further post-pandemic expansion of business in Seattle at the forefront of development goals in the region.
With five reasons to consider investing in this growing metropolis in the bag, now is the perfect time to browse our collection of serviced apartments in Seattle. For more insights into other major US cities and their business development, read about the growth of Denver as a business destination, or the rising demand of corporate housing in North America.
