All markets show a big drop between the fourth quarter of 2019 and the fourth quarter of 2020. What is more surprising is that three of the five market areas actually peaked in 2018, and had lost units between 2018 and 2019.
Nearly all of the job loss occurred in activities that were curtailed by government order in November and December.
Retail sales of goods are higher than they were a year ago, thanks in part to online retail, but services remain stubbornly down and won’t recover until customers feel comfortable patronizing high-touch businesses. No amount of stimulus money can change that reality.
Property tax exemptions designed to lower rents for street-level businesses may be just what’s needed to resuscitate stores and restaurants gasping from Covid 19 restrictions and restore vitality to downtown and neighborhood business areas.
With the possibility of full closure now on the table, locals are looking at the possibility of using the recycled site for green-economy manufacturing.
The situation calls for local politicians to walk (fight Covid's spread) and chew gum (salvage the local economy) at the same time.
One possible idea for Bellevue business leaders would be that all marketing materials should include a reference to "Seattle's premier side, the Eastside."
Howard Schultz put together a group to buy Starbucks in 1987, only to find there was a rival purchaser, who is said to have made an offer of $4 million, no due diligence, and is only referred to as "the titan."
A factor in the exodus from downtown is the move not just to the Eastside but to urban neighborhoods in Seattle, such as the new restaurant row on Beacon Hill. Restaurants and retail are rediscovering neighborhoods, where cars can find parking and a stable customer base can be tapped.
Software and internet industries pay 11 percent of all wages paid in the state. This is larger than all private sector industries and second only to the total of government wages. Software may not be eating the jobs numbers, but it is rapidly eating the income numbers.
The "bitter" piece of this news was coming to terms with the fact that the once-thriving and dynamic neighborhood stopped feeling safe. City officials and landlords gave up trying to reclaim Seattle's original luster.
So, apparently, no more expansion in Seattle, no more dabbling in trying to shift the politics of the city. See ya!
It was always thought that the 787 might end up at one plant, the one in lower-labor-cost South Carolina. And it was always thought that the next generation of planes would be engineered and built at the Payne Field facility, the largest building in the world. But now?
Seattle, as when Boeing was riding high, puts off economic planning to let the good times roll. Compounding the complacency syndrome is the expectation that all will be well, once a vaccine arrives and some of the fluff in our local economy is combed out.
Even when they reopen, restaurants have to downsize the limits on how many customers they serve. Some restaurants have turned that excess capacity to cooking for healthcare workers.
Given the shutdown of the economy, you might expect that retail sales would be significantly down from the first half of 2020. They're not.
We see sharp drops in all activities and a comparatively large drop in employment. Things bottom out late March to mid-April and begin a steady climb back toward their March 1 level.
Douglas and many others bet heavily on tourism, Amazon, and our high-rent downtown. All are now in serious hot water.
I once asked one of the original founders of the coffee company how it could be economical to have so many folks occupying tables for hours while spending a pittance on a cup of coffee-flavored milk drinks.
At the risk of being repetitive, it was a pretty strange month. Nationally, employment fell by about 15 percent. But total disposable personal income in the country rose by 13 percent
We are all rooting for the success of the launch -- if anything mobilizes the national spirit, it’s a rocket on its way to space.
"What troubled me about the whole convention center business/financial model was its self-feeding locomotion. Once a city begins to compete in the big leagues (not unlike sports) it has to buy into a whole multi-decade commitment. And the bar keeps getting raised."
How we can tame this beast, and (if it comes to this) what might be a better use of the convention center 3, now one-third built and facing a serious financing problem?
Replacing human labor with machines can have a positive impact if it frees up people to use their human empathy and understanding to help the many who need help to survive and enjoy life. However, the money to allow them to assist the larger community needs to come “from the profits that are generated by the labor-saving efficiency there; some can come directly in some kind of robot tax.”
Quietly, tens of thousands of office workers, salespeople and their managers have been let go. A restaurant or construction supply company can't do much business with all the restaurants and sites shut down. We look at unemployment claims by occupation.
It was a moment of emergence for the the region, though it may not have momentum. I count at least four areas where these new leaders have impressively stepped up, often leading the nation in pandemic responses.
“Drive in WiFi” is the stopgap solution of the day: using the powerful fiber connections at shuttered schools, libraries, and other agencies and business to provide the WiFi equivalent to the old drive-in movies, with signals directed out to open parking areas. The state is scrambling to provide WiFi service to the 200,000 Washington residents who live beyond connectivity.
The inevitable Boeing reductions will hurt the regional economy, but not nearly as much as past Boeing job cuts. Boeing is still the region’s biggest employer, but accounts for a gradually diminishing share of all jobs.
Even with this new, detailed data on unemployment claims, we really do not know how many people are unemployed in the traditional sense. Epidemiologists are not the only ones laboring under a lack of good data.
Changing "unemployment" insurance to employment insurance, paying to keep workers on the job can soften the impact of the coming recession.
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