Better economy for Washington in 2012?

Unfortunately, the economy here in Washington, as in the rest of the country, weathered a tough year in 2011 and is due for another rough one in 2012. But there are some promising aspects to our local economy that keep us slightly better off than most other states.

Local economist, Dick Conway, says Washington’s hardy export sector is what gives us an edge over other floundering markets. For instance, we have Boeing and we’re located in the hot bed of the technology industry. The key is to export, and not be afraid of our friends overseas, where some of the fastest growing markets are located. Countries like China, United Arab Emirates, and South Korea are quickly becoming growing into the largest consumers in terms of buying transportation equipment, like Boeing planes, and agricultural products such as hay. As long as we recognize that these country’s economies are doing fairly well, despite our own, and as they will continue to partner and do business with us, we need to sell, sell, sell, in order to stabilize and grow our own economies. 

In Washington state, manufacturing plays a vital role in our local economy, more so than many other states. In 2011, Boeing was responsible for adding 8,000 new jobs. And although a decrease in the Boeing workforce is bound to happen if production on Air Force tankers moves to Kansas, we still count on more new job creation for 2012.

Also, though retail sales have continuously fallen over the past several years, there is promising news coming out of this sector. Since retail sales are often contingent upon consumer confidence, sales have begun to increased as customers are feeling better about the economy. But there is a catch. Retail sales are increasing not in middle-market stores, such as Kmart and Sears, but in high end retailers like Nordstroms and discounted retailers like the Dollar Tree. People who are not suffering the times are wanting to scale up and buy quality while many others want to save and go for the bargains.