Seattle’s economy

Seattle’s economy

Since the 1980s, Seattle had become known as a tech city with all the technology companies that are headquartered there. The first thing I thought of when Seattle was mentioned was the tech giant Microsoft but that is actually headquartered in Redmond, Washington on its own street Microsoft Way.

In actual fact, Seattle’s economy is made up of a mixture of older industrial firms and the technological companies that have made the city a tech hub recently. Seattle is actually the twelfth largest metropolitan economy in this country and in 2010, the city’s contribution to GDP was $231 billion. Fortune 500 companies such as, the internet retailer, Starbucks and the high end department store Nordstrom are headquartered in Seattle.

There actually a lot of big companies that are headquartered in close proximity to Seattle with the likes of Costco, Nintendo of America, T-Mobile USA – my phone network for a long time and I have been enjoying it and the Charles Barkley and D-Wade ads – and Weyerhaeuser being some of them.

The city’s economy is undergoing a revolution sparked by the green trend and clean technologies that are being developed. It was recently named the number 1 smarter city in the United States because of its policies that promote the green economy.

Seattle is undergoing development to participate in the biotechnology boom that drove the economy back in 2006. There is a good presence of biotech companies in Seattle with GlaxoSmithKline owned Corixa, the biopharmaceutical company Trubion and Immunex to name some of the bigger companies. Billionaire Paul Allen who is probably one of the wealthiest residents in Seattle has financed a lot of these developments through his investment firm Vulcan Inc.