Though the technology industry in Washington state’s “Silicon Forest” is not often considered in the same weight class as that of California’s massive Silicon Valley, a recent survey is causing pause for many, as GeekWire reports that “Washington is actually punching well above its weight,” topping the list of WalletHub’s economic ranking of all 50 states.
The comparison looked at 27 metrics that measure health and opportunity, and Washington soared to the top spot for things such as “gross domestic product growth, exports per capita, and percentage of high-tech jobs.” California was close behind at the second spot, but was weighed down by expensive living costs, which are nearly 93% above the nation’s average.
As the GeekWire article outlines, Washington taking first is “particularly notable because the state has relatively low investment per capita,” a typical indicator of a strong economic foundation. Where Washington measured $154 per capita, states such as California and New York are at $800 and $378, respectively. The state’s “lack of venture capital is often cited as a reason the state doesn’t have more startup activity,” yet didn’t negatively impact the region enough to pull it below first place. We will be following investment trends in 2018, Seattle continues to emerge as a global gateway city in it’s own right, and potentially attracts per capita investment levels to reflect its growth.