Economic Development is in the Data

Economic development is one of those terms that lends itself to vagueness—what does it mean really? At the Chamber, it means supporting and promoting business opportunity… with a passion.

The Chamber, however, understands that economic opportunity must first begin with data and not opinion, no matter how passionate one may feel about the subject. It requires us to thoughtfully and strategically look at growth built on our existing business base, even as we explore new possibilities.

As our business community works to create living wage jobs, grow its bottom line, and support affordable lifestyles, we need to look at the whole picture. It starts with knowing what we have and then measuring what opportunities are within our reach. And business leaders in the Chamber know we have a lot going for us.

The greater Federal Way area is part of a vibrant and interconnected region in the South Puget Sound. In this new, post pandemic business climate, the Chamber remains mindful that an undiversified business base— developed without forethought, acknowledgement of business challenges, and lacking sector connections outside City limits— is not secure. It is a business base at risk for market shifts and downturns in the economy. It needn’t be.

The past two years have shown us clearly that it is time to rethink and reinvent how we do business, how we think about economic growth, and how we can develop intentional strategy. Working collaboratively, data will help to prevent duplicating resources and to drive our decisions for the greater good

As part of your Chamber’s work in economic development, we track and measure jobs and wages, measuring where we stand with Seattle and Tacoma, King and Pierce Counties, and Washington.

Why? Because our business leaders are investment decision makers who know that data-driven strategies will drive economic prosperity. You might even say, it’s a passion we carry with us as we Take the Federal Way to success.

Check out the economic impact of Washington focus industries in Federal Way, including: the Aerospace, Agriculture, Forest Products, ICT, Life Sciences and Maritime sectors.

Read the full Sector Data for Economic Growth Report

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