Seattle has proven to be a prosperous, well-educated city
with a majority of the population over 25 holding a Bachelors degree or higher. Historically the region relied heavily on aerospace and natural resource industries, but today Seattle is at the forefront of developments in information technology, life sciences and services.
With tech giants as Amazon, Microsoft, and Boeing, Seattle is on its way to outpace Silicon Valley in tech sector growth, much due to better long term prospects and lower housing costs. Comparative studies show that Silicon Valley employs fewer people than it did in 2000, whereas Seattle continues to show a 43 percent growth in tech and 18 percent in the STEM sector (Science, technology, engineering and mathematics). Information and Communication Technology spans across 850 companies today and employs over 18250 people who contributes with over $3.5 billion to the cities economy.
The beautiful area of Puget Sound in Seattle have really experienced a dramatic increase in jobs and therefore seen a steady decrease of the vacancy in the office market for quite some time. With sky rocketing property prices, sales continues to set records, selling office spaces at $745 a foot in 2014. This activity has fueled the interest from both internal and external investors, placing their money on the next wave of tech growth. In the past 25 years over 100,000 people have moved to the city of the evergreen. As a result the city is experiencing a shift away from single family homes and an increase in residential density. Single family dwelling are subsequently torn down and replaced with new 4-6 families units. 3 percent of residential growth will be multi-family housing creating urban villages according to Seattle comprehensive plan for 2025.