In 2023, the real gross domestic product (GDP) of Washington increased by 5.1 percent compared to the previous year. The state's real GDP experienced the most growth in 2018, when the GDP grew by 6.6 percent. Unlike many states, the real GDP of Washington grew by 0.1 percent in 2020, the year of the COVID-19 pandemic, whereas GDP shrank in other states across the country.

Graph and download economic data for Gross Domestic Product: All Industry Total in Washington (WANGSP) from 1997 to 2023 about WA, GSP, industry, GDP, and USA.

In 2023, the GDP of the Seatle-Tacoma-Bellevue metro area amounted to 487.77 billion U.S. dollars, an increase from the previous year. The GDP of the United States since 1990 can be accessed here. Seattle metro area The Seattle metropolitan area in the U.S. state of Washington includes the city of Seattle, King County, Snohomish County, and Pierce County within the Puget Sound region. About 4.03 million people were living in the Seattle metro area, which is more than half of Washington's total population in 2021 (about 7.79 million people). This makes the Seattle metro area the 15th largest metropolitan area in the United States, by population. However, Seattle is in fourth place among the 20 largest metro areas in terms of household income, which stood at 94,027 U.S. dollars in 2019. This is by far more than the average household income in the United States. Household income in Washington is on a similar high level. In 2021, the federal state of Washington was ranked 11th in terms of household income among the states of the U.S. The city of Seattle is the largest city in the Pacific Northwest region of North America. It has about 733,820 residents and is among the 25 largest cities in the United States. Seattle has always been an important coastal seaport city and a gateway to Alaska. The importance of the city and metro area is also due to fact that some of the biggest companies worldwide started in Seattle during the 1980s. Companies like Amazon and Microsoft are still based in the Seattle area in the state of Washington.

The state of Florida experienced the most significant GDP growth in 2023, growing by 9.8 percent from 2022. Washington, South Carolina, and Nebraska also experienced high amounts of growth in the same period. Wyoming saw the smallest increase, at only two percent.

Out of all 50 states, New York had the highest per-capita real gross domestic product (GDP) in 2023, at 90,730 U.S. dollars, followed closely by Massachusetts. Mississippi had the lowest per-capita real GDP, at 39,102 U.S. dollars. While not a state, the District of Columbia had a per capita GDP of more than 214,000 U.S. dollars. What is real GDP? A country’s real GDP is a measure that shows the value of the goods and services produced by an economy and is adjusted for inflation. The real GDP of a country helps economists to see the health of a country’s economy and its standard of living. Downturns in GDP growth can indicate financial difficulties, such as the financial crisis of 2008 and 2009, when the U.S. GDP decreased by 2.5 percent. The COVID-19 pandemic had a significant impact on U.S. GDP, shrinking the economy 2.8 percent. The U.S. economy rebounded in 2021, however, growing by nearly six percent. Why real GDP per capita matters Real GDP per capita takes the GDP of a country, state, or metropolitan area and divides it by the number of people in that area. Some argue that per-capita GDP is more important than the GDP of a country, as it is a good indicator of whether or not the country’s population is getting wealthier, thus increasing the standard of living in that area. The best measure of standard of living when comparing across countries is thought to be GDP per capita at purchasing power parity (PPP) which uses the prices of specific goods to compare the absolute purchasing power of a countries currency.

In December 2024, inflation amounted to 2.9 percent, while wages grew by 4.2 percent. The inflation rate has not exceeded the rate of wage growth since January 2023. Inflation in 2022 The high rates of inflation in 2022 meant that the real terms value of American wages took a hit. Many Americans report feelings of concern over the economy and a worsening of their financial situation. The inflation situation in the United States is one that was experienced globally in 2022, mainly due to COVID-19 related supply chain constraints and disruption due to the Russian invasion of Ukraine. The monthly inflation rate for the U.S. reached a 40-year high in June 2022 at 9.1 percent, and annual inflation for 2022 reached eight percent. Without appropriate wage increases, Americans will continue to see a decline in their purchasing power. Wages in the U.S. Despite the level of wage growth reaching 6.7 percent in the summer of 2022, it has not been enough to curb the impact of even higher inflation rates. The federally mandated minimum wage in the United States has not increased since 2009, meaning that individuals working minimum wage jobs have taken a real terms pay cut for the last twelve years. There are discrepancies between states - the minimum wage in California can be as high as 15.50 U.S. dollars per hour, while a business in Oklahoma may be as low as two U.S. dollars per hour. However, even the higher wage rates in states like California and Washington may be lacking - one analysis found that if minimum wage had kept up with productivity, the minimum hourly wage in the U.S. should have been 22.88 dollars per hour in 2021. Additionally, the impact of decreased purchasing power due to inflation will impact different parts of society in different ways with stark contrast in average wages due to both gender and race.

Graph and download economic data for Per Capita Personal Income in Washington (WAPCPI) from 1929 to 2023 about WA, personal income, per capita, personal, income, and USA.

Graph and download economic data for Total Real Gross Domestic Product for Washington-Arlington-Alexandria, DC-VA-MD-WV (MSA) (RGMP47900) from 2001 to 2023 about DC, Washington, MD, WV, VA, real, industry, GDP, and USA.

Graph and download economic data for Unemployment Rate in Seattle-Tacoma-Bellevue, WA (MSA) (SEAT653URN) from Jan 1994 to Jan 2025 about Seattle, WA, unemployment, rate, and USA.

Graph and download economic data for Resident Population in Pierce County, WA (WAPIER6POP) from 1970 to 2024 about Pierce County, WA; Seattle; WA; residents; population; and USA.

Graph and download economic data for All-Transactions House Price Index for King County, WA (ATNHPIUS53033A) from 1975 to 2024 about King County, WA; Seattle; WA; HPI; housing; price index; indexes; price; and USA.

Graph and download economic data for Resident Population in Clark County, WA (WACLAR1POP) from 1970 to 2024 about Clark County, WA; Portland; WA; residents; population; and USA.