Business
09:41, 01-Sep-2017
Business giants contribute to Seattle’s growth surge
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After sitting quietly in the shadow of cities like San Francisco and Los Angeles for decades, Seattle became the fastest growing city in the US, thanks to the presence of giants like Microsoft, Boeing, Starbucks and Amazon.
Seattle generates more than five billion US dollars in construction activity, a 40 percent increase over the last year and more than triple since 2011, according to the Downtown Seattle Association.
A major reason for the enormous growth is Amazon. The e-commerce giant is bursting at the seams with more than 24,000 employees in Seattle alone. Amazon’s expansion is a boon for commercial and residential development.
Amazon employees along with other giants including Google, Facebook and several bio-techs need housing, which is in short supply. Developers are trying to meet the growing demand.
But even with all the construction and development, there’s still an incredible shortage of housing.
Rent has gone up nearly 60 percent in the last six years and expected to keep climbing. Not everyone can keep up with this pace, which means people are being priced out and some even pushed onto the streets.
Mercy Housing, a non-profit organization, builds affordable housing across the US. The 108 unit Mercy Othello Plaza is the newest project in Seattle. 2,000 plus applications were submitted in just days and the complex leased out in less than two months.
It is a challenge to keep up with the demand but fortunately the public wants to help.
“Without question the visibility of the issues of homelessness and affordable housing are much more visible now than they ever were. I find heart in that.” Paul Chiocco of Mercy Housing said, “I find hope in that people are actually more aware of it and are willing to think about it and contribute toward it.”
Last year, Seattle voters overwhelmingly approved a seven-year levy to raise 290 million US dollars for low income housing. A much needed boost given the seemingly unstoppable growth of the Emerald City.