Even so, the Boeing announcement is a reminder that the future is not guaranteed and what we offer business in lifestyle, work force, regulations and tax incentives begs for further political discourse, response and progress. The EDC is able to market the King County region based on site-selection factors that include high quality of life and an educated work force. However, our inability to utilize significant economic development incentives to benefit emerging technology companies has hampered our business recruitment and retention efforts. Over the past few years, we've witnessed existing businesses targeted by other states for recruitment and fierce competition for new companies from other states. Economic developers argue that incentives create a business-friendly, entrepreneurial climate, promote local job opportunities and worker training, enhance private sector productivity and aid in competitiveness.
Incentives also can speed up infrastructure projects.
Tax revenue lost from tax competition is at least partly offset by increased taxes from other sources. State and local governments have created alliances with business and educators, offered low cost capital and seed grants, subsidized worker training and eased permitting restrictions. Yet Washington state only has three nominal incentive programs that aid businesses engaged in certain high technology and manufacturing activities. Although the EDC continues to be successful in retaining and recruiting high-technology and manufacturing jobs for King County, generating discussions on statewide incentive initiatives is a key goal. In the short term, at least, the loss of Boeing corporate headquarters isn't a dramatic economic hit to the area.