The ‘huge barrier’ threatening economic growth in the Pacific Northwest

The ‘huge barrier’ threatening economic growth in the Pacific Northwest

By Lisa Stiffler | Published: 2025-10-30 18:47:00 | Source: GeekWire

Leaders in the Pacific Northwest are largely optimistic about the region’s continued economic success — but there is one threat to the region’s financial progress that particularly worries them.

“What always amazes me, whether I’m at City Hall in Vancouver or Seattle or Portland, is that everyone is talking about the same thing — the rising cost of housing,” Microsoft President Brad Smith said at the conference this week. Cascadia Innovation Corridor Conference in Seattle.

“This has become a tremendous barrier, not only to attract new talent, but also to enable teachers, police officers, nurses and firefighters to live in the communities in which they serve,” he added.

Dr. Tom Lynch, president and director of Fred Hutch Cancer Center in Seattle, was more succinct.

“My people can’t find places to live,” Lynch said during a session Tuesday at the same event.

These concerns are reinforced by research on A New report On the economic viability of the corridor from Vancouver, British Columbia, through Seattle to Portland.

Housing costs have been cited as one of the biggest threats to the region’s success, with Vancouver’s housing cost-to-income disparity being among the worst in the world, while Seattle’s average housing prices relative to wages have doubled in the past 15 years. Portland records net out-migration as workers move to more affordable areas.

Other concerns include rising business costs and regulations, declining numbers of skilled workers, new restrictions on foreign talent immigrating to the United States, and shortages of clean energy.

“We have to find ways to increase our housing density and come up with innovative solutions to allow more families to live close to work,” Lynch said.

Smith agrees, adding: “The only way to get ourselves out of this problem is to harness the power of the market through public-private partnerships, to recognize the necessity of zoning and permitting to accelerate investment.”

Technology giants in the region are seeking to establish these partnerships to meet this challenge.

In 2019, Microsoft pledged $750 million to boost affordable housing stock and helped build or retain housing. 12000 units In the region. Amazon in recent years has allocated $3.4 billion to housing across three nationwide hubs where it has significant operations. In September, the company celebrated a significant construction or preservation milestone 10,000 units In the Seattle area.

Despite the efforts, Smith said the shortage continues to worsen, and in 2025, new construction is expected to be the lowest since before the Great Recession.

The city of Seattle, for example, is looking to desalinate A Property tax exemption agreement For developers who can encourage construction as they apply AI to enable the process in an effort to speed up projects.

Smith also touted the long-term vision of a high-speed rail line in the Pacific Northwest that would make commutes much faster between growing urban centers. But Wednesday’s committee warned that this dream remains many years away from being achieved.

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