A new study, commissioned by the Downtown Seattle Association and produced by ECONorthwest, indicates City of Seattle tax revenues have grown four times faster than population and employment since 2013. While the city’s general fund taxes predictably declined during the early part of the COVID-19 pandemic, general fund taxes rebounded to pre-pandemic levels in 2021, with continued growth in 2022, reaching a record $1.8 billion.
In support of this recent City of Seattle Tax Analysis, Seattle Metropolitan Chamber of Commerce President and CEO Rachel Smith issued this statement:
“The report released today showing City of Seattle revenues have recovered from the pandemic and have continued to grow – even faster than population growth – is welcome news amid increasing reports of economic uncertainty and employers tapping the breaks on hiring,” Smith said. “As part of the employer community, which is paying over 60% of the revenue for the City’s general fund, we encourage city leaders to focus available resources to make progress on the top priorities of the voters: homelessness, public safety, and more housing that is available and affordable to more people. Budgets are a clear reflection of priorities and should not be static, investing in the same things at the same levels as in years past. Rather, budgets should change over time to reflect greater investments in the things that are most important to the people they serve. We want to thank our partners at the Downtown Seattle Association for doing this analysis.”