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A center of manufacturing, commerce and finance for the Pacific Northwest, the
greater Seattle-Puget Sound region headquarters more than 30 large corporations and is a
global leader in international trade. Boeing –
the leading exporter in the U.S. – is the state's largest employer, but the greater
Seattle region's diversified manufacturing base includes food processing, fabricated metal
products, transportation equipment, and textiles and apparel. Tourism is a major player in
the local and state economies.
Washington ranks sixth nationally in the concentration of biotechnology
companies, and is one of the leading advanced technology centers in the nation with the
greater Seattle area the center of the state's technology activity. More than 30 percent
of all jobs in Washington depend on technology-based industries when indirect linkages are
taken into account. While aerospace dominates the high-tech sector, the number of jobs in
biotechnology has increased by a power of 10 over the past two decades and by 300 percent
in the electronics industry.
Approximately 25 percent of people living in the greater Seattle-Puget Sound region
work in professional or managerial positions, boosting median household income above
$30,000 – well above the national average. Unemployment is lower than both state and
national averages. The corresponding higher-than-average cost of living is in line with
other metropolitan areas with similar income levels in the U.S. As a result, consumer
spending in the greater Seattle region is high and predicted to enjoy healthy growth.
State Taxes
Washington State’s tax system is uncomplicated and has remained essentially
unchanged since 1935. The combined state/local tax rates in Washington's major cities are
relatively uniform.
The three principle tax sources imposed by cities themselves (sales, property, gross
receipts) have statutory maximum rates set by the state legislature, and are imposed at or
near the maximum in most major metropolitan centers. The statutory maximum city gross
receipts tax rate is two-tenths of one percent. The statutory maximum city sales tax is
one percent and six-tenths of one percent for special transportation districts. The
statutory maximum property tax is one percent of value. Where there are significant
differences in total tax rates imposed within cities it is most often due to the existence
(or absence) of voter approved special property tax levies for school construction and/or
school maintenance and operations.
The economic success story throughout the Puget Sound region is largely
due to a favorable environment for business development and attractive personal tax
climate.Many of the state’s most successful firms, ATL Ultrasound,
Boeing, Immunex, Microsoft, Medtronic
Physio-Control, Weyerhaeuser and others
were founded and continue to thrive in Washington State. The elements of that business
climate include:
- No Personal Income Tax
- No Corporate Income Tax
- No Unitary Tax
- No Inventory Tax
- No Tax on Interest, Dividends, or Capital Gains
- Sales/Use Tax Deferral/Exemption
- Business and Occupation Tax Credit
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Attractive Residential Living
Washington State has experienced a substantial growth in residential construction over
the last two decades. As a result, more than half of the homes in the state are less than
20 years old. Homes of this era are characterized by larger, more open designs
incorporating modern technology in heating, plumbing and kitchen appliances, as well as
energy saving construction. Since power costs are substantially lower in Washington State
than in any other part of the country, over half the homes in Washington have clean
electric heat and electric appliances. Many have spectacular views of snowcapped
mountains, picturesque shorelines or other scenic vistas.
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