Some smaller cities in the Pacific Northwest are gaining new jobs as companies scour far and wide for available labor in areas where housing costs are modest. Operators of call centers have discovered underutilized labor markets in Spokane, Boise and Bellingham, among others. Most recently, Migration Software Systems, San Jose, acquired two software companies in the Bend area, in part because of high housing costs in Silicon Valley. Strength in Pacific Asia is helping to offset the loss of aerospace jobs. Washington has stayed above water through the two most recent Boeing downturns primarily because of very strong employment growth at Microsoft and elsewhere in high technology.
Job growth continues strong in the big services sector of the Evergreen State economy.
Personal income has been growing very rapidly in Washington State in recent years, largely because of income from stock options. State economists expect the rate of personal income growth to fall sharply to reflect the decline in the value of Microsoft stock and the average profit per option exercise.