Report - 2022 02 23 A29912 D244194 Lcedir Business Competitiveness Report
- Issuer
- Congressional materials
- Document type
- Report
- Date
- 2022-02-23
- Case
- 2022 02 23 A29912 D244194 Lcedir Business Competitiveness Report
Summary
A slide presentation titled Washington Business Competitiveness Study: Final Presentation, subtitled Redefining Economic Success in Washington State: 3 Keys to Quality Growth. It describes outreach through contact with 16 organizations, 25 stakeholder interviews and 10 focus groups, and reviews employment change by supersector since 1990, population change and housing production. A SWOT section lists strengths such as in-migration and a strong technology presence, and challenges including skilled labor shortages, housing and childcare. The presentation sets out three big ideas: build more housing, equip the workforce, stating a need to train 200,000 more skilled workers over the next 10 years, and revitalize entrepreneurship, noting 30% fewer high growth potential businesses than a decade ago. It closes with measures of success and policy options.
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Cite this document
“Report - 2022 02 23 A29912 D244194 Lcedir Business Competitiveness Report.”
Original at app.leg.wa.gov, dated 2022-02-23. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-02-23-2022-02-23-a29912-d244194-lcedir-business-competitiveness-report/
, SHA-256 acba1cf20b8fd0b3b2a71241899e180742187e10051d48d0e88ae0976b741492.Full text
Washington Business Competitiveness Study: Final Presentation
Available online:
Executive Summary
Full Report
Appendices
• Outreach detail
• Swot individual industry cut sheets
• Top theme detail cut sheets
• Peer state metrics
Redefining Economic Success
in Washington State:
February 3 KEYS TO QUALITY GROWTH
2022
REDEFINING ECONOMIC S U C C E S S IN WASHINGTON STATE: 3 Keys to Quality Growth
Engaged a diverse set of groups and stakeholders for insights
■ Contact with 16 organizations.
■ 25 stakeholder interviews.
■ 10 focus groups.
■ Washington State Commission of Asian Pacific American Affairs
■ Washington State Women’s Commission (WSWC)
■ WSWC Stakeholders
■ Quinault Prosperity, Health, and Human Services Subcommittee
■ Latino Education and Training Institute (LETI)
■ Washington State Labor Council (WSLC)
■ Seattle Metropolitan Chamber of Commerce REACH
State of the State: Washington has transitioned its economy into a knowledge and tech leader
WASHINGTON STATE SUPERSECTOR CHANGE IN EMPLOYMENT SINCE 1990
240% 238%
■ Strong growth limited by an aging workforce and 220%
Average annual employment (% of 1990 level)
200%
193%
skills gap, decade in the making 180%
160%
191%
154%
150%
140%
137%
■ Household incomes have gained compared to the
120%
104%
100%
U.S. average across the income distribution, but
1990 2000 2010 2020
Year
INDUSTRY CLUSTER
Eds &Meds Professional&Business Services
inequality has widened
Finance &Information Leisure &Hospitality
Trade, Transportation&Utilites Government
Goods-roducing
POPULATION CHANGE COMPONENTS, BY STATE
California Colorado Idaho
■ Housing production hasn’t kept pace with
2.00%
1.50%
population or job growth, triggering persistent
1.00%
0.50%
affordability and homelessness crises
0.00%
% of population
-0.50% Washington
Oregon Texas W ashington
2.00%
1.50%
1.00%
■ Businesses are struggling to compete for labor and 0.50%
0.00%
access to resources in a changing economy POPULATION CHANGE COMPONENT
-0.50%
1
201
2012 013
2 014
2 015
2 016
0
2 017
2 018
2 019
2 02
NATURAL INCREASE RESIDUAL NET MIGRATION
SWOT Results: Laying the groundwork for future economic development strategies
Strengths that have made WA a leader in business growth for decades
■ Talent attraction with consistent in-migration.
■ Strong Information and Communication Technology (ICT) presence and skilled tech
labor.
■ Established, high performing network of public, private and training institutions.
■ Robust infrastructure and transportation system (including ports).
■ Low energy costs, clean energy, natural assets, and amenities.
Challenges that threaten WA’s position as an economic leader
■ Skilled labor shortages.
■ Access to housing that is affordable to all workers.
■ Childcare affordability and supply limitations.
■ The impacts of climate change.
■ Stable funding sources to support future infrastructure projects, including maintaining
and preserving current assets.
■ Access to capital for high-growth potential business.
■ Complex and costly business and development regulatory frameworks.
Survey participants consistently identified 4 top priorities
Outreach summary findings
Infrastructure gaps create barriers High-quality education opens the
to participate in the economy for door to high-quality jobs
employees and employers
Lack of affordable housing impact Promote and provide vocational
recruitment and retention training opportunities early on
The shift to digital work highlighted Shifting economic priorities are
a need for reliable broadband and causing workforce transitions
technology literacy
3 Big Ideas - BEaR
Build
more housing of all types that is affordable to all residents
Equip
the workforce for success, and close the skills gap
and
Revitalize
entrepreneurship and make it easier to do business
Big Idea #1: Build more housing
Key Takeaway
Washington state has the fewest number of housing
units per household of any state in the country
Why does this matter for economic development?
The underproduction of housing is limiting economic productivity and growth, the creation of
jobs, and perpetuating disparate outcomes and wealth inequity for the next generation of
Washingtonians.
Big Idea #2: Equip the workforce for success
Key Takeaway
Washington state needs to train 200,000 more skilled workers
over the next 10 years to keep pace with job openings
Why does this matter for economic development?
Businesses consider access to a skilled workforce when making location decisions. A limited
supply of skilled workers may prevent businesses from locating, expanding, or remaining in the
area.
Big Idea #3 : Revitalize entrepreneurship
Key Takeaway
Washington state is forming 30% fewer high growth
potential businesses than a decade ago
Why does this matter for economic development?
Declining rates of business formation, a trend accelerated by complex regulations and limited
access to capital limits the potential for future economic expansion and shared prosperity in
Washington state.
Where to go next: Measuring success
■ The status quo is not producing desired outcomes
■ Identifying and prioritizing desired outcomes is foundational step
■ Important to measure progress on capacity builders and outcomes
Peer states selected for business competitiveness metrics
Where to go next: Policy Options
Increase Housing Production Revitalize entrepreneurship
■ Eliminate exclusionary zoning ■ Improve access to capital for growth oriented small
■ Allow more housing to be built in high and emerging firms (particularly BIPOC owned)
opportunity neighborhoods that leverage ■ Simplify regulatory requirements for small
public investments businesses
■ Streamline permitting and incentivize more
housing that is affordable
Childcare Broadband
Equip workers with needed skills
Are important known areas of need across
the state. They are not highlighted due to
■ Provide non-traditional skill delivery certifications recent efforts at the state and federal level
■ Alternative job programs and apprenticeships in They should continue to be monitored.
industries with quality job growth opportunities
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