CEO Guide to Site Selection

#46

Washington

CEO Rank on Best & Worst States for Business

GOING PUBLIC IN THE EVERGREEN STATE

The Evergreen State has experienced a boom of IPOs in the past year. From January through October 2021, 15 companies in the state announced initial public offerings, a record. In the previous four years, only one company, Adaptive Biotechnologies, had gone public. Remitly Global, Sana Biotechnology and Impel NeuroPharma all announced IPOs in the past year, and, in August, cannabis marketplace Leafly announced an estimated $532 million IPO.

"My plan focuses on job growth in seven industry clusters: aerospace, life sciences, military, agriculture, information technology, clean energy technology and the maritime trades. These clusters represent both the present and the future key drivers of economic growth and job creation in our state."
Jay Inslee
Governor

TAXES

No corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

B&O Credits: Offers tax credits of up to $4,000 per position for jobs in rural counties that pay wages of $40,000+.

CERB Committed Private Partner Program: Offers grants of up to $150,000 and loans of up to $2 million for the construction of public infrastructure to support business expansion.

Reduced B&O Rate for Aerospace Business: Offers a reduction in B&O tax liability for manufacturers and processors for hire in the aerospace sector.

B&O Tax Credit for Washington Customized Training Program: Offers a tax credit of up to 50% of the full cost of a training program, with up to $500,000 in training allowances per year.

EDCs

Washington State Department of Commerce

choosewashingtonstate.com/about-us

Seattle Office of Economic Development

seattle.ecdev.org

Thurston Economic Development Council

thurstonedc.com

Advantage Spokane

advantagespokane.com

Make it Tacoma

makeittacoma.com

HIGHLIGHTED PROGRAM OR INITIATIVE

The Washington State Department of Commerce recently expanded its Community Engagement and Outreach team to promote equity and opportunity for rural and underserved communities, small businesses and organizations.

BIG DEALS

  • Microsoft added 23,000 employees in the past year, mostly near Redmond.
  • Euclid Logistics Center announced in October 2020 a second phase of expansion of its operations in Spokane.
  • Jubilant HollisterStier announced in March 2021 a $70 million expansion and 400 new jobs in Spokane.
  • Selkirk Pharma announced in June 2021 an expansion and 275 new jobs at its facility in Spokane.
  • Seattle-based mobile finance startup Remitly filed for an IPO in September 2021 with a goal of raising nearly $300 million.
  • Amazon opened a new fulfillment center with 1,000 new jobs in Spokane Valley in September 2021.
  • Amazon opened in October 2021 a new warehouse and distribution facility in Fife.

BIG COMPANIES

Eight Fortune 500 companies headquartered in state: 

  • Amazon
  • Costco 
  • Microsoft 
  • Starbucks 
  • Paccar 
  • Nordstrom
  • Expeditors Intl. of Washington 
  • Weyerhaeuser