Good business climate report cards can help Washington attract employers

One of the major points in the panel discussions of the WMFHA 2010 Annual Economic Forecast (see my earlier blog entry on that topic) was that the economic recovery is going to be challenged by slow job growth; with a fairly diverse employment base, Seattle has the opportunity to compete to attract the pool of existing employers and jobs that exist today, and will grow as part of the recovery. Mike Scott of Dupree-Scott Apartment Advisors on the panel made the valid point that Seattle needs to get serious about leveraging this opportunity. And a few weeks ago, we got some help from two sources- in Forbes magazine's annual "best states for business" rankings, Washington moved from third place to second, and Washington, D.C.-based Tax Foundation ranked Washington No. 9 on its 2010 State Business Tax Climate Index.

Particularly with the recent Boeing 787 storyline, Washington's visibility on these lists may be a big help in competing for the first wave of post-recession job creation, and Richard Davis offers a good analysis of this in a recent Puget Sound Business Journal article.

Forbes' rankings carries solid credibility and always generates media buzz that can help drive business development efforts. Mr Davis offers a reasonable critique that while Northwest area residents usually consider Seattle to have a very high quality of life for intangibles such as natural surroundings and recreational opportunities, index lists such as these can't easily quantify those, while labor costs, heavy business regulation and a higher than average cost of living are factored in (although often overlooked as a deterrent to new businesses by local organizations).

So, whether you agree with their methods or outcomes, the lists generate interest, and ideally lead investors and entrepreneurs to take a closer look at Washington

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