Washington State Takes Top Spot as CNBC’s Best State for Business in 2017
In a surprising turn of events, Washington state has dethroned its competitors to claim the coveted title of CNBC’s Best State for Business in 2017. The announcement, made amidst the breathtaking scenery of Mount Rainier National Park, sent shockwaves through the business world and left many wondering what fueled the Evergreen State’s meteoric rise.
"The winner is Washington State," declared CNBC’s Scott Cohn, as the question marks on the screen were replaced with the triumphant number one.
Washington boasts a diverse economic landscape, driven by industry giants such as Amazon, Boeing, Costco, and Microsoft. The state’s economy is the fastest-growing in the nation, making it a magnet for job seekers and entrepreneurs. Its vibrant tech sector, second only to California in patent filings, is a testament to the state’s commitment to innovation.
"Washington shines in technology and innovation," explained Cohn, highlighting the state’s robust innovation ecosystem. "It’s a beautiful state, with a strong focus on quality of life."
However, Washington’s rise to the top wasn’t without challenges. The state’s high cost of living, ranking 37th nationally, remains a significant concern.
"We know talent is the number one pillar of our economic growth," admitted Washington Governor Jay Inslee, addressing the issue head-on. "We are dedicated to giving our kids the highest quality education."
Gov. Inslee highlighted the state’s recent investments in education, particularly in STEM fields, to ensure a future workforce capable of fueling their burgeoning tech industry. He also acknowledged the need to address the housing affordability crisis and highlighted the state’s commitment to expanding its infrastructure, including a massive, green transportation package to combat climate change.
Despite its challenges, Washington’s success story demonstrates the remarkable ability of a state to leverage its strengths and address its weaknesses to become a leading hub for business. The state’s vibrant economy, commitment to innovation, strong workforce, and stunning natural beauty have created a winning combination, securing its place as the Best State for Business in 2017.
Washington State Claims the Crown: CNBC Names it the Top State for Business in 2017
It’s the moment we’ve all been waiting for – the hints have dropped, the guesses have been made, and now the suspense is over. CNBC’s 2017 Top State for Business is finally revealed. We join Scott Cohn, on-location in the heart of the winning state, as he announces the victor and dives into the factors that propelled Washington to the top. With a star-studded lineup featuring Bill Gates, Jeff Bezos, and even a special musical message from Kenny G, it’s clear Washington State is celebrating a monumental win.
Key Takeaways:
- The Evergreen State Surges to the Top: Washington, with a score of 1621 out of 2500, shattered expectations and secured the #1 spot after consistently placing within the top 10 in previous years.
- Robust Economy Fuels the Climb: The state’s rapid economic growth, driven by giants like Amazon, Boeing, Costco, and Microsoft, positioned Washington as a powerhouse hub for innovation.
- A Paradise for Businesses: The state boasts a thriving ecosystem that includes a healthy housing market, cutting-edge technology, and a reputation for strong community and natural beauty.
- Navigating Challenges: While Washington excels in many areas, it faces ongoing concerns regarding high cost of living, infrastructure deficiencies, and a competitive housing market.
- The Future is Bright: With a commitment to education, innovation, and sustainable infrastructure development, Washington is poised to maintain its strong position in the future.
Washington’s Winning Formula: A Closer Look
Washington’s ascension to the top spot is a testament to its commitment to a multi-faceted approach to economic development. The state’s leaders recognize that a thriving business environment requires a blend of factors, and their efforts have yielded remarkable results.
A Prime Destination for Companies and Talent
One of the key ingredients in Washington’s success is its ability to attract both companies and the skilled workers they need. From the bustling tech scene in Seattle to the sprawling aerospace presence in Everett, Washington offers a diverse and dynamic landscape for businesses to flourish.
Governor Jay Inslee emphasizes the state’s appeal as a place to live and work. "Quality of life is really important," he notes, highlighting the state’s natural treasures, from the majestic Mount Rainier to the picturesque Puget Sound. This allure draws in skilled professionals who are eager to build careers while enjoying a high standard of living.
A Hotbed for Innovation
Washington is not just a home for established giants; it’s a breeding ground for the innovators of tomorrow. The state prides itself on fostering a dynamic environment where new ideas can flourish.
Inslee underscores the state’s focus on research and development: "We’re thinking about next centuries as well," he states, emphasizing the state’s commitment to exploring cutting-edge technologies. This focus has led to remarkable advancements, including the development of the world’s largest vanadium flow battery, which facilitates the integration of renewable energy, and the emergence of companies like B, specializing in radar systems for autonomous vehicles.
Addressing the Challenges: Sustainable Growth for the Future
Despite its stellar performance, Washington faces challenges that threaten its long-term sustainability. The most pressing issue is the rising cost of living, driven by a booming economy and an increasingly competitive housing market.
Governor Inslee acknowledges these challenges, stating that "[…] we have to find ways to amortize that […] we have to find ways frankly to have more efficient and dense housing."
To counter these concerns, Washington has made significant strides in investing in infrastructure: "We just did that, we actually passed the largest infrastructure package in the history of the state," Inslee proudly announces. This commitment includes investments in public transportation, electrifying transportation systems, and developing cleaner energy solutions.
Beyond the Numbers: A Look at Washington’s Future
CNBC’s Top State for Business recognition is not just an accolade; it’s a powerful statement about Washington’s position as a leader in the national economy. The state is poised to continue its ascent, fueled by a commitment to innovation, a focus on quality of life, and a proactive approach to addressing challenges.
While the high cost of living and infrastructure needs present hurdles, Washington’s commitment to tackling these obstacles demonstrates its dedication to long-term sustainability. This combination of exceptional assets and proactive governance positions Washington as a state to watch, not just for its current success but for its leadership in shaping the future of business in America.
