The Upward Trajectory Continues for Business Success & Community Prosperity
Renton is home to big names in business: Boeing, PACCAR, Inc./Kenworth, IKEA, Wizards of the Coast, Topics Entertainment, the Federal Reserve Bank of San Francisco, and the Seattle Seahawks. Many of these companies – and others – are evolving, advancing, and continuing to make significant contributions to the Renton economy. IKEA recently hired an additional 50 employees to fill positions at its new store – the only IKEA in the state – and Wizards of the Coast continues to push the envelope in getting women involved in the gaming industry. Renton’s Southport project, a posh office development, will bring new, Class A office space to the city, attract a major new employer, and round out a $1 billion project. Southport will be a state-of-the-art development complete with a private deepwater dock and rents 25% less than similar office space in downtown Seattle and Bellevue.
Renton is also drumming up economic strength from our major development projects currently in progress. The business outlook in Renton is positive, and projections show the trend will continue for the near future.
Aerospace Continues to Soar
Boeing, fundamental to the city’s prosperity, is growing its manufacturing operations, which inherently means job growth and increased capital for the city. In 2016, 42 737 airplanes were built each month, and Boeing increased that to 47/month in 2017. Production will increase to 52/month in 2018 and 57/month in 2019. By 2035, there is expected to be 45,240 airplanes in service, and Boeing’s Renton facility will be responsible for building a large percentage of that fleet.
King County At-A-Glance
According to the Bureau of Labor Statistics, King County’s unemployment rate should continue to decrease. In March 2016, the unemployment rate was 4.2%, and in March 2017, the unemployment rate was 3.1%. The average weekly wage for all industries in King County has consistently been significantly higher than neighboring counties. King County, including Renton, continues to position itself as a regional leader and strong economic contributor.