Regional Competitiveness Indicators Report Shows Venture Capital and Research and Development Expenditures Up The Prosperity Partnership has released its annual update to the Regional Competitiveness Indicators report. The Indicators measure how the region is performing along a set of economic and social metrics, highlighting areas of improvement and challenges in comparison to peer region's throughout the country. The report also covers progress made in implementing the Regional Economic Strategy. Highlights from this year's report include: Washington needs to produce more bachelor's and advanced degrees: Among its peers, Washington is the only one showing a decline in postsecondary degrees awarded from 2004 to 2006. Every peer state - and the U.S. as a whole - showed an increase in the rate of degree production. Washington outpaced California in per capita industry based Research and Development expenditures in 2006: In 2006, Washington ranked #6 in industry R&D expenditures at $11.3 billion. Although California ranked #1 overall, Washington's per capita figures exceeded California's rate, as well as all other peer states. Industry R&D remains the largest share of spending in the state at nearly $1,800 per capita, followed distantly by federal at $381 per capita and academic at $155 per capita. Washington innovators have not taken nearly as much advantage of the SBIR program as Colorado's have: Colorado received 56 SBIR awards per million in 2006, or 265 total awards. In comparison, Washington received 22 awards per million, or 139 total. In total award dollars, Colorado received nearly double Washington's total - $90 million compared to $45.6 million. Seattle's venture capital investment is growing almost twice as fast as the national average: In 2007, the Seattle metro area had 4.2% of the U.S. total, up slightly from 4.0% in 2006 and 3.4% 2005. This portion is equivalent to $1.28 billion being invested in promising new business ideas in the region, a 21% increase. The central Puget Sound region is one of the most generous in the nation when it comes to United Way contributions: In FY2007, the region raised $155 million through the four county-specific United Way organizations, approximately $44 per capita. This total is up from $121 million, or $35 per capita, in FY2006. For the first time in several years, the median sales price of existing single family homes in the Puget Sound region has declined from a year ago: This change lifts the affordability index for Kitsap and Pierce counties above the 100 mark, meaning that the typical homebuyer in those counties earns at least 100 percent of the income necessary to afford a median-priced home. The Indicators report is available from the Puget Sound Regional Council's Information Center. back to top Boeing's Scott Carson Gives Frank Advice on Staying Globally Competitive In his keynote address at the November 6 Prosperity Partnership Luncheon, Scott Carson, President and CEO of Boeing Commercial Airplanes, outlined some keys to keeping the central Puget Sound and Washington state on top of the competitiveness game. "It is precisely at such times as these, when we seem to be immersed in crisis and the inclination is to panic," said Mr. Carson, "that we must focus more than ever on our vision for the long term. On the collective, greater good, our shared values, and on the foundational relationships that have served us so well." Mr. Carson highlighted six things to consider as the region prepares for its future. The world has changed. Globalization has changed the way companies do business, and the impacts of doing business this way are felt worldwide. It's a jungle out there. The global marketplace is more competitive than ever and resource scarcity is a serious issue. Operating locally means jobs at home. Only 5% of Boeing's employees are abroad, and competing globally ensures the need for more jobs in the future. Location is a choice. Three issues to consider on a competitive location are: real estate costs, business tax rates, and the talent of the workforce. Carson said "Washington has made a lot of progress," however, real estate costs are an issue, business tax rates could improve, and the talent of the workforce is world class. Customers expect reliability. This means a stable operating environment and the ability to adapt and be flexible when things arise. We are in this together. Governments, businesses, nonprofit, education and labor groups must work together to keep the region prosperous. Carson suggested four things that Washington can do to improve business climate: a sustainable budget, unemployment and workers compensation reform, transportation improvements and education investments. "I am proud of our state, and I have deep pride in the company that I've been privileged to work for over so many years," concluded Mr. Carson. "And we are facing some great difficulties together. It's never been more important to be open about what we need to do together to overcome these difficulties." PSRC President Sue Singer added, "We're here today because we recognize that in this century, like never before, major companies - and all kinds of employers - have choices about where to locate their businesses." back to top The Prosperity Partnership Salutes Representative Helen Sommers In recognition of her 36 years of service in the Washington State Legislature, the Partnership honored Representative Helen Sommers at the November 6 lunch for her career of steadfast commitment to and exceptional leadership in giving talented people an opportunity to thrive, and providing a more prosperous future for the Puget Sound region and the state of Washington. Regional leaders offered much praise of Representative Sommers. University of Washington President Emeritus Bill Gerberding said he wished she wouldn't retire and suggested half-jokingly that there should be a statue in her honor at every college and university campus in the state. EDD President and Bellevue Councilmember John Chelminiak reminded the audience that, thanks to Representative Sommers, "in 2007, we invested in increasing the capacity of Washington's higher education institutions to offer more high demand degrees, particularly in those math, science and engineering degrees that we know are vital to our knowledge-based economy." Representative Sommers thanked the audience saying it was a great honor to be recognized by such an esteemed group of leaders. "Helen emphatically puts the 'service' into 'public service,'" finished Boeing's Scott Carson. back to top