Washington is one of the most sought after states to open a business in the United States. While the climate can be a little on the colder side, there are many great reasons why businesses flock to Washington State. Today, we are going to look at 5 reasons to open a business in Washington.
Strong Economy
As a business owner, you are going to want to set your company up for success in any way possible. One of those ways is to set up shop in a state with a strong economy. In 2018, Washington State was the fastest growing economy, expanding their output annually by 5.7%. Per the Commerce Department, this was just about double what the national average was. With a predicted future job growth of 39.1% over the next 10 years, your business could have a leg up on the competition simply by being in Washington. While this could depend on the industry your in, most will benefit from Washington’s strong economy.
Strong Labor Force
Ranking 7th in the US for higher education, Washington has one of the strongest labor forces. They also have a high percentage of in-state college attendees with 34% of high school graduates going to college right out of high school. This means that your business has a better chance of getting highly educated, well qualified potential employees to choose from. Another great benefit of a highly educated population is that medium income is usually higher, making consumers more likely to spend money, which could be a great thing for just about any business.
People Are Active
Due to the various landscapes found in Washington, there are many things to do in the great outdoors. You can choose from skiing, hiking, swimming, and many more activities throughout the state. There is also over 3,000 miles of coastline which allows for many beach goers year round. While this may be best for those who are wanting to market toward more active lifestyles, it also means that people are out and about. This will give your business a better chance of getting walk-in customers.
Industry Diversity
Washington is made up of a large variety of different businesses, making it perfect for those who are wanting to network with industry specific, or complementing businesses. This will allow you to easily find business partners that can help compliment your services or give you great business advice. We would highly suggest joining a few business owner networking groups to help get your name out there and make connections with other business owners.
Energy Costs Are Low
Washington is very committed to environmental causes, meaning that you will get to benefit from some of the lowest energy costs in the nation. Washington is home to the largest coordinated hydroelectric systems in the world. This means that almost 75% of the power used in Washington is from rivers that flow through the Evergreen State. You will also see more of a reliance of wind and solar power as well which ultimately reduce energy costs for residential and business uses.