Economy of Washington (state) facts for kids
The northwestern U.S. state of Washington's economy grew 3.7% in 2016, nearly two and a half times the national rate. Average income per head in 2009 was $41,751, 12th among states of the U.S.
The United States' largest concentration of STEM (science, technology, engineering and math) workers reside in Washington state. The state has a large volume of seaborne foreign trade with Asia. Leading economic sectors are government, real estate and rental leasing, and information; manufacturing comes fourth (8.6% of the state's GDP). Fruit and vegetable production, and hydroelectric power, are other important sectors. Important firms based in Washington include Boeing, Starbucks, Amazon, Costco, and Microsoft.
Washington does not levy a personal income tax, but raises revenue through sales tax, property tax, and a gross receipts tax on businesses.
History
Personal income
The per capita personal income in 2009 was $41,751, 12th in the nation.
Among its resident billionaires, Washington boasts Bill Gates, chairman of Microsoft, who, with a net worth of $40 billion, was ranked the wealthiest man in the world as of February 2009, according to Forbes magazine. Other Washington state billionaires include Paul Allen (Microsoft), Steve Ballmer (Microsoft), Jeff Bezos (Amazon), Craig McCaw (McCaw Cellular Communications), James Jannard (Oakley), Howard Schultz (Starbucks), and Charles Simonyi (Microsoft).
Trade
Significant amounts of trade with Asia pass through the ports of the Puget Sound. Washington is the fourth largest exporting state in the United States, after New York, California, and Texas.
The ports of Washington handle 8% of all American exports and receive 6% of the nation's imports.
Employment
Employment by industry in Washington
| Industry | Employment thousands March 2013 | Percent of total employment |
|---|---|---|
| Trade, transportation and utilities | 548.2 | 18.84% |
| Government | 540.9 | 18.59% |
| Education and health services | 392.2 | 13.4% |
| Professional and business services | 352.0 | 12.10% |
| Manufacturing | 288.0 | 9.90% |
| Leisure and hospitality | 281.7 | 9.65% |
| Financial activities | 142.3 | 4.89% |
| Other services | 112.4 | 3.86% |
| Information | 104.7 | 3.60% |
| Mining, lodging and construction | 6.1 | 0.21% |
| Total | 2,909.5 | 100% |
Consumers
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Images for kids
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Dryland farming caused a large dust storm in parts of Eastern Washington on October 4, 2009.
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Azwell, Washington, a small community of pickers' cabins and apple orchards. Wells Dam visible in background.
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