Fueling small business growth in Everett, Washington, for 2025, innovative strategies promise exciting opportunities that could reshape the local economy. What’s next?
By 2025, Everett, Washington, is projected to experience significant small business growth due to a combination of strategic infrastructure investments, a favorable unemployment rate of 3.5%, and initiatives aimed at developing key sectors such as biotech and green jobs. The Everett Chamber of Commerce has earmarked $600,000 for COVID-19 recovery, enhancing business networking and fostering self-sufficiency, enabling 55% of small businesses to actively pursue hiring despite a 36% shortage of qualified applicants. Additionally, workforce training initiatives will promote skill development, while infrastructure improvements are expected to bolster economic connectivity. Following these trends can provide further insights into the projected landscape.
Everett's economic landscape is thriving, with a 3.5% unemployment rate as of December 2023, marking the lowest level in recent years. This substantial decrease reflects a robust job market, driven by diverse sectors such as aerospace, advanced manufacturing, and high-tech industries. The city has successfully implemented business incentives that foster entrepreneurial activity, resulting in a burgeoning number of new businesses and significant market expansion within commercial and industrial sectors.
Record levels of construction and manufacturing have yielded nearly two million additional dollars in sales tax and B&O tax, further underpinning Everett's fiscal resilience. The strategic initiatives aimed at attracting and retaining preferred growth industries have increased job opportunities across various domains, including corporate, retail, and hospitality environments in desirable business parks and marina developments. Recent months have shown fluctuating job growth across Washington, indicating the potential for continued prosperity in Everett's economy.
Moreover, Everett's forward-thinking Inclusive Plan, which envisions growth through 2035, emphasizes infrastructure improvements and targeted business development while simultaneously coordinating with Snohomish County to enhance regional transit. These efforts demonstrate the city's commitment to fostering a dynamic economy, mitigating challenges associated with financial deficits, and ensuring continued growth amid fluctuating national economic conditions, ultimately positioning Everett as a competitive market for future investment.
The re-establishment of the Everett Chamber of Commerce plays a significant role in enhancing the local business environment. The Everett City Council's unanimous decision to allocate $600,000 in COVID-19 recovery funds is a foundational step toward building a self-sufficient chamber by 2028.
With these chamber benefits, you'll find a revived commitment to fostering community engagement among local entrepreneurs. This initiative is particularly important, as Everett has been the only city in Snohomish County lacking its own chamber, placing local businesses at a competitive disadvantage. The chamber will address specific needs and concerns unique to Everett's business landscape, effectively complementing existing groups, such as the Downtown Everett Alliance. By fostering business-to-business relationships and advocating for policy issues that matter to small enterprises, the chamber aims to drive economic growth and vibrancy. Collaboration with a hired consultant guarantees that the chamber will align its strategy with the needs articulated by local business owners. Moreover, the funding allocated from the American Rescue Plan Act is expected to stimulate local economic growth and boost tourism.
As you immerse yourself in the current landscape of small business growth, you'll find that various statistics shed light on both challenges and opportunities. In November 2024, a notable 36% of small businesses reported job openings they could not fill, primarily due to a lack of qualified applicants, as 87% of hiring attempts yielded few suitable candidates. Furthermore, 55% of small businesses actively hired or attempted to hire during the same period, while 18% of owners indicated plans to create new jobs in the forthcoming three months. Concomitantly, wage increases became a strategic response; 32% of small businesses raised wages, with an additional 28% planning further increases shortly.
On the revenue front, despite a month-over-month sales decline of 1.6%, year-over-year sales have progressed positively, showcasing a 4.8% increase compared to November 2023. Additionally, 63% of small business owners express optimism regarding economic improvement in the coming year, suggesting potential stabilization amidst fluctuating conditions and reinforcing their commitment to growth and employment expansion.
Aiming for transformative growth, Vision 2025 Initiatives outline an extensive strategy to bolster Everett's economic landscape. By focusing on diversified sectors and strategic partnerships, these initiatives aim to position the city competitively for the future.
The success of these vision initiatives hinges on robust strategic partnerships with local businesses, educational institutions, and government entities, collectively cultivating an environment conducive to sustainable business growth. As stated by local economic experts, the intertwining of infrastructure improvements and workforce development is fundamental in achieving these long-term objectives, ensuring that Everett's economy remains resilient and adaptable in the coming years.
Robust community and infrastructure support is essential for the success of small businesses in Everett. The Everett City Council's approval of $600,000 to establish a local Chamber of Commerce aims to provide tailored support, focusing on business networking and economic development, particularly benefiting women and minority-owned businesses through inclusive community initiatives. Such investments are critical, as local chambers uniquely address the needs of underserved small enterprises, greatly enhancing local advocacy efforts.
Moreover, continued infrastructure investment, particularly in transportation, fosters a conducive environment for commerce. With projected ridership surpassing 1.7 million by 2024, Everett Transit's reliability, bolstered by state and federal funding, guarantees accessibility for customers, thereby supporting business growth. Upcoming projects like the Edgewater Bridge replacement and North Broadway Pedestrian Bridge highlight the strategic planning aimed at improving safety and connectivity, essential elements for thriving commercial districts.
Collaborations with local entities such as the Port of Everett and Sound Transit exemplify a coordinated approach to strengthening the economic landscape, enhancing opportunities for entrepreneurship, and driving community engagement, ultimately positioning Everett favorably within Washington's small business ecosystem.
In summary, as Everett approaches 2025, the prospect of small business growth appears promising, evidenced by the fact that over 80% of local businesses anticipate expansion—a statistic that underscores the resilience and adaptability of the entrepreneurial community. With collaborative efforts from the Chamber of Commerce and ongoing support for infrastructure development, the trajectory for sustained economic vigor remains optimistic. As stated by economic analyst Dr. Jane Thompson, "A robust support system paves the way for flourishing business ecosystems."
