Published November 2005

There is much to be thankful
for in county’s biz community

To read or listen to the news these days is to be inundated with threats to our economic health.

There is talk about the aftermath of the Gulf Coast hurricanes and what rebuilding efforts will mean to the price of construction materials nationwide.

There is the ever-present story about gas prices, and how they continue to hover well over $2.50, affecting consumer confidence as well as businesses’ bottom line.

There are the increasingly alarmed warnings by health officials, business leaders and everyone in between about the possibility of an avian flu pandemic and its possible impact on our daily lives should it become a reality.

Truth be told, they all merit consideration and concern on this editorial page for the impact they no doubt will have on the economy, but not by me — at least, not this month. This month, the month of Thanksgiving, is a time for reflecting on those things for which we are thankful, and in Snohomish County’s business community, there are a number of happenings deserving such reflection, including:

n The end of the Machinists union strike at Boeing. The 28 days of picketing by union members were far fewer than some had feared. With the strike settled in late September and reports of new jet orders, Boeing’s stock price jumped to a four-year high in October. And the Machinists’ contract ratification bonus, averaging about $5,000 per worker, should help the retail sector as the holiday season arrives.

n Seattle Genetics named the fastest-growing tech company in the state as part of Deloitte’s annual Fast 50 list. The Bothell-based developer of anti-cancer drugs experienced revenue growth of 6,669 percent during the past five years, and two of its drug candidates are now in clinical trials, with four more drug candidates in development. The company’s success can only help economic development officials’ attempts to lure more biotech and high-tech companies to the area.

n A proposed biodiesel initiative by Snohomish County Executive Aaron Reardon. In his 2006 budget, Reardon included an initiative that would use biodiesel fuel grown by local farmers for county vehicles. According to the U.S. Department of Energy, use of 100 percent biodiesel fuel reduces carbon dioxide emissions by more than 75 percent over petroleum diesel, while even a fuel blend comprising 20 percent biodiesel reduces carbon dioxide emissions by 15 percent. If approved, the proposal would benefit county agriculture and the environment, and be a positive step away from our dependence on foreign oil.

n Snohomish County’s employment market. Not too long ago (Remember 2002?), the county’s unemployment rate stood at a disheartening 8 percent. But 2005 has seen the jobless rate drop below 5 percent, and in August, government officials reported that Snohomish County’s employment growth rate, at 6.5 percent, was the fastest in the state.

n The development of Snohomish County destination spots. According to Smith Travel Research, hotel occupancy rates stood at 85 percent in the county in August, up 10 percent from 2004. The development in recent years of the Everett Events Center and the Lynnwood Convention Center has no doubt helped in luring folks to corporate events, trade shows, concerts and hockey games. And once here, these folks have more places to spend their disposable income, thanks to the development of such attractions as Seattle Premium Outlets, the Tulalip Casino and the expanded Alderwood mall.

For all of these reasons and dozens more, I will be giving thanks to an ever-improving and promising Snohomish County economy this Thanksgiving.

There will be time enough to tackle the gas-price story after I’ve finished my pumpkin pie.

— Kimberly Hilden, SCBJ Assistant Editor

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