A letter from our director
In 2024, our office focused on innovation and growth: we took chances on bold ideas and prioritized meaningful impact to lay a strong foundation for the future. The Future of Seattle Economy framework, adopted as City policy by the Mayor and Council, continues to guide our work to build an inclusive economy. This year’s themes:
- Embracing innovation. From reimagining how spaces are used, to launching new programs, we experimented to encourage more vibrancy in the city.
- Building on success. We doubled down on strategies that work, including making commercial spaces more affordable for business and establishing Business Improvement Areas for neighborhood economic development.
- Achieving ambitious goals. We followed through on “moonshot” ideas like launching the first-in-the-nation Business Community Ownership Fund, as well as new incubators for artificial intelligence and climate technology.
We also made significant strides in revitalizing Downtown. One year into the Mayor’s Downtown Activation Plan, 93% of the City’s initiatives are either competed or underway. We transformed vacant spaces into unique retail experiences – and inspired others to do the same. We’re beautifying Downtown through upgraded lighting and captivating murals. Working with Council, we also passed new policies to make living and working in Downtown more accessible.
Our incredible team makes this work possible, and I’m proud of what we accomplished together. Even through challenging times, our work shows our commitment to creating opportunities where everyone can access quality jobs, thriving businesses, and vibrant neighborhoods.
As we look ahead to 2025, I’m inspired and excited by the opportunities before us to expand our work and build an inclusive economy for all.
Markham McIntyre
Seattle Office of Economic Development Director
Embracing innovation
Seattle is home to industries that set the standard for outside-the-box thinking and creative problem-solving, paving the way for others to follow. We embrace this tradition of innovation – the willingness to set our aims high and the courage to try new approaches. Our city is facing new challenges, and we believe difficult problems sometimes require creative solutions.
In the first year of The Liberty Project, we provided coaching and mentoring to 45 small minority-owned businesses. This program launched in partnership with Tabor 100, the Consulting and Business Development Center at the University of Washington’s Foster School of Business, and the Business Foundry at Seattle University’s Albers School of Business and Economics.
Revitalizing the heart of our city
Lighting, parks, pathways, and public gathering spaces are just a few ways we encouraged folks to spend more time in Downtown Seattle. The streets are cleaner and safer, and more people are looking to work and play in the center of the city. Whether people are looking to experiencing new restaurants, bars, theaters, and shopping, or making a stop at a classic favorite, the heart of the city is beating strong with more foot traffic than before.
We made investments like better lighting on Third Avenue and in Hing Hay Park, making these areas safer and more welcoming. In the fall, we celebrated the opening of the Overlook Walk, connecting Downtown and the Waterfront.
Industry highlights
The vibrant, strong, and diverse economy of Seattle is vast, spanning across key pillars of industry. From the creative economy which includes music, film, and art, to manufacturing, construction, and the green economy. We support the Seattle business ecosystem in ways big and small, from the tech sector to maritime, to health services and life sciences.
We worked with stakeholders to fund and launch the Manufacturing Maritime Industrial Association, a recommendation from the Mayor’s Industrial and Maritime Strategy Advisory Council. The association acts as a coordinated voice for the maritime, manufacturing, and logistics sectors, addressing emergent issues and providing strategic direction to help those industries thrive.
Growing small businesses and improving commercial affordability
We know owning a small business can be tough, especially when the cost of doing business can sometimes feel like a lot. That’s why we continue to invest in programs that help launch new small businesses in Seattle as well as support established businesses in new and creative ways. Our Accounting and Business Program consultants provided more than 3,000 hours of free consulting services to Seattle-based small businesses!
We also launched the second iteration of the Tenant Improvement Program, designed to support businesses in securing their first or second location, upgrading equipment, or enhancing their properties. Through this initiative, we invested $1.66 million to support 35 businesses, helping them grow and thrive.
BIA pathway work and multiplying impact
Seattle business districts are as unique as the neighborhoods they reside in, which is why we recognize they are best at managing their own resources for long-term prosperity. Business Improvement Areas are critical in improving public spaces, enhancing neighborhood safety and cleanliness, and community organizing local support for their small businesses. We have 11 established BIAs, and six more on the pathway to formation.
Additionally, in 2024 we directly contributed to community wealth by doubling our Business Community Ownership Fund, resulting in the opening of two new commercial spaces in the city!
Innovative incubators and Business Community Ownership Fund
Seattle has a competitive and ambitious spirit – that’s just part of who we are. That is why we are focused on Seattle being the best competitive choice for businesses and technologies fighting climate change and diversifying the fast-growing field of artificial intelligence. From our ambitious nature, we created the Business Community Ownership Fund. This first-in-the-nation program aims to reverse displacement trends, especially for business owned by BIPOC and immigrant communities.
AI House, in partnership with AI2, is making Downtown Seattle the hub of AI innovation. This incubator will drive advancements, partner with local businesses, and support diverse founders to lead the future of AI. Additionally, the Seattle Climate Innovation Hub is Seattle’s first space dedicated to businesses and technologies fighting climate change. Focused on solutions like energy storage and climate computing, it positions Seattle as a global leader in decarbonizing the economy.
Laying a strong foundation for the future
Lights! Camera! Action! Our Special Events, Film, and Permitting teams worked with more than 1,000 businesses to boost the Seattle economy through special events and film. The more streamline process makes it easier for the creative economy to do more work in Seattle, and to return to Emerald City time and time again – each project supporting local film workers and surrounding small businesses.
Some of our 2024 successes include:
- 340 film permits issued
- 4,000+ local cast and crew hired
- 352 special events permitted
- 1077 businesses served (75% were BIPOC-owned businesses)
Be sure to follow us on Instagram, LinkedIn, and Facebook for more detailed information about our 2024 Year in Review.