Why is this a priority?
Gross business income (GBI) measures the gross revenue earned in Washington by businesses and as such is an important measures of economic growth/success.
How are we doing?
To achieve this goal, we need to grow an average of 4.7 percent each year. Washington GBI is tracked on a quarterly and annual basis, with adjusted annual data available approximately 5 months after the end of a calendar year.
In 2016, GBI increased by 3.8 percent. While below the average annual growth rate needed to meet the 2020 target, this was slightly above predicted 2016 GBI growth (2.8 percent).
What are we working on?
- Improve the economic climate by improving the infrastructure and reducing regulatory burdens (and creating a first-of-its-kind red tape index).
- Provide business incentives to locate in Washington by creating start-up and industry specific tax incentive programs.
- Pursue economic development with a sector-based approach.
- Supporting small businesses to grow and expand.
- Launching the Regulatory Roadmap pilot program,aimed at aligning regulatory policies at various levels of government.
For more information:
- Economic Development in Washington State: http://www.commerce.wa.gov/Economic-Development/Pages/default.aspx
- South Puget Sound Small Business Development Center: http://www.spscc.ctc.edu/
- Washington Small Business Development Centers: http://www.wsbdc.org/