50 in 50: Washington

50 in 50: Washington

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $568.3 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 4.2% (U.S: 1.6%)

GDP per capita: $75,219 (U.S.: $58,154)

Population: 7.7 million

Population 5-year CAGR (2017-2021): 1.0% (U.S.: 0.5%)

Unemployment: 4.3% (U.S.: 3.9%)

Economic health ranking: #11 out of 50

Fiscal health ranking: #28 out of 50

Overall tax climate ranking: #16 out of 50 

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Seattle-Tacoma-Bellevue
• Spokane-Spokane Valley
• Kennewick-Richland

Top three areas by population 5-year CAGR (2016-2020):

• Olympia-Lacey-Tumwater
• Kennewick-Richland
• Bellingham

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2019): C

Washington will receive around $8.6 billion in infrastructure funds from the Infrastructure Investment and Jobs Act (IIJA), which will help the state address aging water and wastewater systems and a high percentage of roads in poor condition (27%) over the next five years. Although Washington has experienced tremendous urban growth in recent years, investments will need to be balanced based on needs of rural areas as well. Additionally, Washingtonians will look to dedicate resources to environmental sustainability and resilience to natural disasters, given its location within the unique Cascadian bioregion. The IIJA will make the following funds available to Washington over the next five years (additional funds may be deployed as federal grants get awarded to states):

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential 2020 CPiP: $6.2 billion; -3.2% 5-year CAGR (2016-2020), below overall U.S. CAGR of 2.0%
• State & Local 2020 CPiP: $12.6 billion; 6.9% 5-year CAGR (2016-2020), above overall U.S. CAGR of 4.8%

AE Industry

ENR 500 firm headquarters (2021): 17

M&A activity since 2018:

• 30 deals with buyers from Washington
• 39 deals with sellers from Washington

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.