Olympia-Lacey-Tumwater Metropolitan Statistical Area has Secured #2 Spot for Economic Strength

In a recent study by Chmura Analytics, a leading national economic research firm, the Olympia-Lacey-Tumwater Metropolitan Statistical Area has secured the impressive #2 spot for economic strength in the entire United States!

A Transformative Shift: Thurston County’s Economic Evolution

Over the last 20 years, Thurston County’s economy has changed. Our research team has been working hard to gather data and understand this shift. At the same time, economic developers in the region have been actively strengthening our community, improving every aspect of our economy.

Chmura Analytics: A Stamp of Excellence

Chmura Analytics, a major analytics company renowned for providing software to economic developers and academics, conducted this groundbreaking study. Their report, emerging from regular analytics work, considers various factors to gauge economic strength. Thurston County’s #2 ranking is a testament to the success of our local partnerships and initiatives, reinforcing our commitment to sustaining a robust economy that benefits everyone.

“We want to see the staying power of a region,” Chmura says, “sort of like the tortoise and the hare. We want to see consistent growth over time. If it’s just last 12 months, you may have a company that’s moved in, an expansion, a one-time effect.”

Key Metrics Behind the Success

The study delves into various vectors, with the Prime Workforce Rank as a crucial metric. It looks at the size of gaps between employer needs and workforce readiness, indicating that our workforce is well-matched for critical industries. Additionally, metrics such as Gross Domestic Product trends and the performance of sectors such as R&D, Tech, and STEM fields played pivotal roles in securing this remarkable position.

“…the concentration and growth of STEM talent and employment in advanced industries were key drivers for the Olympia-Lace-Tumwater’s #2 ranking for economic strength. These types of jobs have high long-term growth forecasts that bode well for a leading metro area,” said Patrick Clapp, Senior Economic Consultant at Chmura Economics & Analytics.

Beyond Numbers: What Makes Olympia-Lacey-Tumwater a High-Performing City?

Gene Angel, Director of Research & Evaluation at the Thurston EDC, sheds light on the essence of high-performing cities. He emphasizes the importance of diverse and eclectic opportunities, broad access to large markets, and the ability to succeed with the right ideas. Connor Tibke Research Coordinator at the EDC, adds that Olympia’s success is a combination of good decision-making, desirability, and the ability to offer good jobs and skills, making it an attractive place to live.

Community Infrastructure: A Foundation for Success

Gene further highlights the rich community infrastructure in Thurston County, pointing out the significant employment floor provided by JBLM, the influence of the state capital, and the diversification efforts by economic developers. The presence of three higher education organizations adds to the holistic picture, creating a foundation that not every community is fortunate to possess.

Broadband Access: Nisqually Nation’s Contribution

Thurston County is ranked 7th for broadband access, thanks in part to the efforts of the Nisqually Nation. Their commitment to enhancing connectivity has contributed significantly to our region’s success.

A Remarkable Achievement

Olympia, Lacey and Tumwater’s impressive #2 ranking for economic strength highlights our community’s dedication, the effectiveness of our partnerships, and the forward-thinking initiatives of local businesses. Together, we’ve built an environment that promotes ongoing growth and prosperity.

As we move forward, we’re committed to building on this success, generating more opportunities and ensuring Thurston County continues to thrive as a beacon of economic strength and resilience.