This month, we celebrated Small Business Week and Economic Development Week, highlighting the crucial role of local businesses and organizations in driving our economy forward. We also commemorated the Thurston Chamber of Commerce’s 150th Year Anniversary, reflecting on its founding role in establishing the Thurston Economic Development Council back in 1981. We recognize the impact of that action taken 40 years ago to ensure that our economy and community is strong, vibrant and inclusive.
Our journey towards economic success has been marked by strategic shifts and visionary leadership. By transitioning from a transaction-focused model to one centered on transformation, we’ve seen a remarkable return on investment that multiplies throughout the region. Some examples of that include:
- Economic Impact Multiplier: For every $1 we receive in funding we return back to the economy $48 in economic growth.
- Local GDP: We have surpassed $17.6 billion in Thurston County alone. That equates to nearly double what it was 10 years ago at $9.8 billion.
- Private Sector Employment: Surged by 107% over the past 10 years, outpacing public sector growth by 25 points.
- Total Economic Impact of EDC and the Center for Business & Innovation: $920 million over the last four years. This has influenced the creation of over 3500 jobs that supported $230 million in labor income.
Looking ahead, our Board of Directors has charted a transformative path, focusing on key pillars such as the Lacey MakerSpace, Olympia Arts Armory, Tumwater SPSCC Craft Brewing & Distilling Center, and the Tenino SW WA Agricultural & Business Park. With this vision, we’re poised for another forty years of dynamic progress. Onward and upward!
-Michael Cade
Executive Director
Thurston EDC