Introduction
The 2023 Competitiveness Redbook is a data-driven snapshot of Washington ’ s economic health , comparing the state to the rest of the nation in a variety of key indicators .
Coming out of the pandemic , Washington saw strong employment growth ( Table 4 ) with more than 145,000 new jobs added during the previous year . The state ranked 10th in the nation in overall employment growth and eighth in percentage growth . Similarly , Washington exports recovered during the previous year , moving Washington from ninth in the nation to fifth in this ranking ( Table 8 ).
Other bright spots include high-tech employment and wages ( Table 19 ) where Washington moved from second to first in net employment and retained its position as first in median wage . Low-cost power ( Tables 42 , 43 and 44 ) generally remains a competitive advantage as well , although not as much for commercial customers ( 13th lowest in the nation ) as for industrial customers ( third lowest , up one position from the previous year ) and residential ( lowest cost in the nation ).
Housing has emerged as a major issue for the state , and Table 55 shows that Washington ’ s housing prices have appreciated at 6.3 % annualized over 25 years – the second highest rate in the nation .