Seattle’s economy has long been defined by our resilience, ingenuity, and a spirit of shared progress. Over the past decade, we have enjoyed remarkable growth by expanding job opportunities across wage tiers, fostering groundbreaking innovation, and demonstrating that Seattle can compete and lead on a global stage.

But this moment requires clear-eyed assessment. In 2025, the Office of Economic Development commissioned the firm Formation to conduct an independent evaluation of Seattle’s business climate to help us better understand the forces shaping our economy and to guide conversations about our city’s future. Over the past year, they engaged a broad representation of voices – business leaders, nonprofits, policymakers, and neighborhood stakeholders – while analyzing comprehensive economic data. Seawall: Building a Resilient Seattle Economy offers an essential, evidence-based look at where Seattle stands now, how we got here, and a peek at what is around the corner.

The findings are nuanced. Seattle is not in decline, yet our economic model is increasingly fragile. The report affirms that past policy choices were rational responses to extraordinary growth, but it also makes clear that these approaches will not work for growing Seattle’s future economy.

The path forward requires a strategy centered on retaining what makes Seattle unique and strong while reconfiguring for the industries and opportunities of the next generation. Competitiveness and affordability are inseparable. Families and employers feel the same pressures, and the top earners in our workforce will go where the cost of living allows people to thrive. This report makes it clearer than ever that our economy is an ecosystem and cannot be siloed into individual problem statements. Seawall is designed to help inform that strategy.

I want to thank Ryan Donahue and his team at Formation for the thoughtful research and analysis, as well as the many business leaders, labor representatives, nonprofit organizations, community partners, educational institutions, policymakers, and other stakeholders who shared their time and expertise throughout this multi-year effort. Their willingness to engage strengthened this report. I also want to recognize the dedicated staff of the Office of Economic Development whose leadership and commitment helped guide this work from concept to completion.

I look forward to continuing this work with our partners across the city and the region. Together, we can ensure Seattle remains a place where businesses grow, families flourish, and innovation thrives.

– Beto

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