Approximately 317,000 jobs now exist in downtown Seattle, a significant drop from the peak of over 340,000 jobs in 2019, as indicated in a recent report released by the Downtown Seattle Association (DSA). This decline mirrors figures from 2018 and reflects a troubling trend as the city grapples with both economic pressures and rising taxes.
At the DSA's annual State of Downtown event, President and CEO Jon Scholes expressed concern over the job losses and highlighted the corresponding increase in tax burdens for employers. He noted that Seattle's tax environment has become increasingly burdensome compared to neighboring cities like Bellevue.
Seattle's tax landscape includes the controversial JumpStart tax aimed at large employers and a recent restructuring of the tax on gross revenue affecting larger businesses. Additionally, a new state income tax targeting wealthier individuals is set to take effect. Mayor Katie Wilson acknowledged the challenges posed by these tax structures and indicated a need for budget scrutiny, hinting at potential significant cuts in city spending.