1 00:00:10,220 --> 00:00:11,960 Good morning, everybody. 2 00:00:11,960 --> 00:00:13,919 Thank you all for being here. 3 00:00:13,919 --> 00:00:16,059 My name is Anson Fatland. 4 00:00:16,059 --> 00:00:18,878 I'm the associate vice provost for venture development at 5 00:00:18,878 --> 00:00:21,812 CoMotion at the University of Washington, and I'm thrilled 6 00:00:21,812 --> 00:00:24,440 to welcome you all to the Seattle Climate Innovation 7 00:00:24,440 --> 00:00:25,120 Hub today. 8 00:00:25,120 --> 00:00:28,033 I will turn this over to our special guest in just a 9 00:00:28,033 --> 00:00:31,131 moment, but I want to say a few remarks about what the 10 00:00:31,131 --> 00:00:33,618 Climate Hub is and how we came into being. 11 00:00:33,618 --> 00:00:36,582 The Climate Hub was founded in January of 12 00:00:36,582 --> 00:00:39,978 2025 as a public-private partnership between 13 00:00:39,978 --> 00:00:43,953 Seattle's Office of Economic Development, University of 14 00:00:43,953 --> 00:00:47,929 Washington's CoMotion Labs, the Mobility Innovation Center, 15 00:00:47,929 --> 00:00:51,340 the Global Climate Community 9Zero, and nonprofit investor 16 00:00:51,340 --> 00:00:54,204 and Accelerator VertueLab. 17 00:00:54,204 --> 00:00:56,515 Together these partners have 18 00:00:56,515 --> 00:00:59,655 created the first and only physical space in 19 00:00:59,655 --> 00:01:03,386 downtown Seattle specifically dedicated to designing, 20 00:01:03,386 --> 00:01:06,742 supporting, investing in and scaling technologies 21 00:01:06,742 --> 00:01:08,396 to combat climate change. 22 00:01:08,396 --> 00:01:10,500 The Climate Hub is positioned as a 23 00:01:10,500 --> 00:01:13,680 resource for climate technology development, 24 00:01:13,680 --> 00:01:16,938 fostering innovations in clean energy, battery 25 00:01:16,938 --> 00:01:20,319 storage, hydrogen, carbon capture, sustainable 26 00:01:20,319 --> 00:01:23,379 transportation, energy efficient systems, 27 00:01:23,379 --> 00:01:25,680 materials and more. 28 00:01:25,680 --> 00:01:28,539 In less than two years, the Seattle Climate Innovation Hub 29 00:01:28,539 --> 00:01:31,337 has become nationally known as a center for 30 00:01:31,337 --> 00:01:34,793 economic resilience and sourcing and supporting 31 00:01:34,793 --> 00:01:36,438 clean tech innovation. 32 00:01:36,438 --> 00:01:40,140 CoMotion has incubated 15 startups in that time period. 33 00:01:40,140 --> 00:01:43,403 9Zero has built a community of over 800 members and 34 00:01:43,403 --> 00:01:45,280 hosted hundreds of events. 35 00:01:45,280 --> 00:01:48,013 VirtuLab has supported companies with accelerator 36 00:01:48,013 --> 00:01:50,500 services and investment, and the city's Office 37 00:01:50,500 --> 00:01:54,617 of Economic Development has provided invaluable support and 38 00:01:54,617 --> 00:01:57,897 guidance, not only as the hub got off the ground but 39 00:01:57,897 --> 00:01:59,352 continues to this day. 40 00:01:59,352 --> 00:02:02,260 And as we've grown, we've added new public and 41 00:02:02,260 --> 00:02:04,852 private partners including Alaska Airlines, the 42 00:02:04,852 --> 00:02:07,200 Port of Seattle, and several new key partners 43 00:02:07,200 --> 00:02:09,735 we're excited to announce next week. 44 00:02:09,735 --> 00:02:12,270 None of us could have done this alone. 45 00:02:12,270 --> 00:02:15,125 It is proof that when we come together around 46 00:02:15,125 --> 00:02:18,199 a common purpose, in this case addressing climate 47 00:02:18,199 --> 00:02:21,441 change and growing an inclusive green economy, 48 00:02:21,441 --> 00:02:25,020 there is no limit to what Seattle can accomplish. 49 00:02:25,020 --> 00:02:27,187 Together we can make Seattle the leading hub 50 00:02:27,187 --> 00:02:30,348 for green jobs and climate innovation and we're fortunate 51 00:02:30,348 --> 00:02:33,120 to have a mayor that shares that vision and in the 52 00:02:33,120 --> 00:02:35,727 spirit of collaboration and partnership please join 53 00:02:35,727 --> 00:02:37,580 me in welcoming Mayor Katie Wilson. 54 00:02:40,840 --> 00:02:43,000 Thank you. 55 00:02:44,300 --> 00:02:47,758 Well, I am delighted to be here at the Climate 56 00:02:47,758 --> 00:02:52,000 Innovation Hub for a very exciting day. 57 00:02:53,258 --> 00:02:54,818 Thank you all for being here today. 58 00:02:55,877 --> 00:02:59,080 My first message today is for our business community, 59 00:02:59,080 --> 00:03:02,020 because I want you to hear this directly from me. 60 00:03:02,020 --> 00:03:05,020 It is a high priority for me and my administration 61 00:03:05,020 --> 00:03:07,800 that businesses small, medium, and large can 62 00:03:07,800 --> 00:03:09,300 be successful in Seattle. 63 00:03:10,400 --> 00:03:13,179 It is important that we work together to chart a course for 64 00:03:13,179 --> 00:03:17,437 the future economic development of our city and our region. 65 00:03:17,437 --> 00:03:19,437 We are in a fragile moment. 66 00:03:19,437 --> 00:03:22,318 We have some promising job growth with companies 67 00:03:22,318 --> 00:03:25,199 like Anthropic and Helion expanding in Seattle. 68 00:03:25,199 --> 00:03:28,084 But this comes after years of tech layoffs that have had a 69 00:03:28,084 --> 00:03:29,680 widespread impact on our city. 70 00:03:30,960 --> 00:03:33,532 Office vacancies in our downtown core, which 71 00:03:33,532 --> 00:03:36,580 surged during the pandemic, remain stubbornly high. 72 00:03:37,620 --> 00:03:40,758 Permit applications for new housing construction 73 00:03:40,758 --> 00:03:41,780 have plummeted. 74 00:03:41,780 --> 00:03:44,318 Tariffs are weighing down trade. 75 00:03:44,318 --> 00:03:46,711 And small businesses in neighborhoods across our 76 00:03:46,711 --> 00:03:48,877 city are hit with the same cost pressures that 77 00:03:48,877 --> 00:03:52,288 are burdening families and making it hard for people 78 00:03:52,288 --> 00:03:55,031 to live in the city where they work. 79 00:03:55,031 --> 00:03:58,675 This situation demands deep collaboration 80 00:03:58,675 --> 00:04:02,400 and fast action and that is why I'm here today 81 00:04:02,400 --> 00:04:05,562 with leaders from business, from labor, from the Port 82 00:04:05,562 --> 00:04:08,627 of Seattle, and leaders who deeply understand vital 83 00:04:08,627 --> 00:04:12,080 sectors of our economy: arts and culture, childcare, clean 84 00:04:12,080 --> 00:04:16,439 energy, AI, restaurants and hospitality, and much more. 85 00:04:17,500 --> 00:04:21,459 The challenge of this moment is diversifying our economy, 86 00:04:21,459 --> 00:04:25,752 growing more middle and high wage jobs, and making Seattle 87 00:04:25,752 --> 00:04:29,800 a place where businesses can start, stay, and grow. 88 00:04:29,800 --> 00:04:33,199 Stepping up to meet this moment requires collaboration 89 00:04:33,199 --> 00:04:36,019 across sectors with leadership from the city. 90 00:04:36,019 --> 00:04:38,040 I am committed to this critical work. 91 00:04:39,860 --> 00:04:42,492 So before I talk about what we are doing, I want to 92 00:04:42,492 --> 00:04:43,939 speak to what is possible. 93 00:04:44,980 --> 00:04:48,639 We welcomed the world to Seattle for the World Cup. 94 00:04:48,639 --> 00:04:52,963 It was spectacular, and I think we got a taste of what our city 95 00:04:52,963 --> 00:04:55,040 can be when we work together. 96 00:04:55,040 --> 00:04:57,855 Vibrant. Alive. 97 00:04:57,855 --> 00:05:00,661 Safe. full of people enjoying our 98 00:05:00,661 --> 00:05:04,420 amazing new waterfront and our historic Pioneer Square, 99 00:05:04,420 --> 00:05:08,091 riding our trains and our buses, gathering in parks 100 00:05:08,091 --> 00:05:11,673 and plazas and restaurants, feeling awed by Seattle's 101 00:05:11,673 --> 00:05:14,740 unmatched natural beauty and our welcoming values, 102 00:05:15,920 --> 00:05:18,894 watching world-class soccer at Lumen Field in the 103 00:05:18,894 --> 00:05:20,240 very heart of our city. 104 00:05:20,240 --> 00:05:22,939 We wowed the world and we continue to do so. 105 00:05:22,939 --> 00:05:25,699 It's no wonder that Seattle was the number one 106 00:05:25,699 --> 00:05:27,519 travel destination in the country 107 00:05:27,519 --> 00:05:30,160 over this past Labor Day weekend. 108 00:05:30,160 --> 00:05:33,060 And that momentum continues as our Seahawks, 109 00:05:33,060 --> 00:05:35,139 our reigning Super Bowl champions, 110 00:05:35,139 --> 00:05:38,319 kick off the 2026 NFL season later this evening 111 00:05:38,319 --> 00:05:41,879 on national television, and at a big, 112 00:05:41,879 --> 00:05:45,560 free big screen watch party in Occidental Park. 113 00:05:45,560 --> 00:05:47,302 We have so much going for us. 114 00:05:47,302 --> 00:05:50,637 We have an economy that is, by almost any measure, the 115 00:05:50,637 --> 00:05:54,199 envy of most places in this country and indeed the world. 116 00:05:54,199 --> 00:05:57,677 We are a leader in life sciences, in healthcare, 117 00:05:57,677 --> 00:06:01,240 aerospace, maritime, and of course technology. 118 00:06:01,240 --> 00:06:04,651 Just last month, CBRE ranked Seattle as the second most 119 00:06:04,651 --> 00:06:07,990 talented tech workforce in the US and Canada, beating 120 00:06:07,990 --> 00:06:11,105 out Toronto, New York, Austin, and Washington DC, 121 00:06:11,105 --> 00:06:12,959 trailing only San Francisco. 122 00:06:12,959 --> 00:06:16,427 We have cutting edge research and educational institutions. 123 00:06:16,427 --> 00:06:19,427 Small businesses that create vitality and character 124 00:06:19,427 --> 00:06:20,759 in every neighborhood. 125 00:06:20,759 --> 00:06:23,735 Beloved cultural institutions and creators who make 126 00:06:23,735 --> 00:06:26,379 Seattle a destination city for entertainment, 127 00:06:26,379 --> 00:06:28,879 literature, film, design, and creative technology. 128 00:06:29,899 --> 00:06:32,754 Entrepreneurs and startups that see Seattle as a place to 129 00:06:32,754 --> 00:06:35,519 launch, build community, and scale. 130 00:06:35,519 --> 00:06:38,370 A strong labor movement that fights to make sure that 131 00:06:38,370 --> 00:06:42,740 Seattle's jobs are good jobs and workers have power and voice. 132 00:06:42,740 --> 00:06:45,937 Nonprofits that provide critical services supporting healthy 133 00:06:45,937 --> 00:06:49,194 communities and a healthy environment and voters who 134 00:06:49,194 --> 00:06:53,019 understand the value of generational investments in 135 00:06:53,019 --> 00:06:56,158 our public infrastructure and services from libraries 136 00:06:56,158 --> 00:06:59,062 and early learning to affordable housing and 137 00:06:59,062 --> 00:07:01,108 our transportation system. 138 00:07:01,108 --> 00:07:04,326 All of this is our economy and we should be 139 00:07:04,326 --> 00:07:08,480 proud of what we have built but we also have to open 140 00:07:08,480 --> 00:07:12,379 our eyes and soberly assess what is happening. 141 00:07:12,379 --> 00:07:15,942 For many years now, the economic dynamism of our region 142 00:07:15,942 --> 00:07:19,223 has been driven by seemingly unstoppable growth, 143 00:07:19,223 --> 00:07:21,439 particularly in our tech sector. 144 00:07:21,439 --> 00:07:24,562 It was a force of nature, which over the course of a 145 00:07:24,562 --> 00:07:27,759 couple decades transformed Seattle profoundly. 146 00:07:27,759 --> 00:07:29,922 It generated high paying jobs and wealth that 147 00:07:29,922 --> 00:07:32,139 circulated around the city, supporting other 148 00:07:32,139 --> 00:07:34,278 jobs and businesses. 149 00:07:34,278 --> 00:07:37,319 And at the same time, that staggering growth stressed our 150 00:07:37,319 --> 00:07:40,680 infrastructure and contributed to ever-rising housing costs, 151 00:07:40,680 --> 00:07:42,579 gentrification, and homelessness. 152 00:07:43,720 --> 00:07:47,160 The city responded with efforts to ensure that the benefits of 153 00:07:47,160 --> 00:07:50,240 that growth were broadly shared and mitigate its 154 00:07:50,240 --> 00:07:51,939 negative impacts. 155 00:07:51,939 --> 00:07:54,959 We pioneered nation-leading labor standards, like the $15 156 00:07:54,959 --> 00:07:56,800 an hour minimum wage. 157 00:07:56,800 --> 00:07:59,559 We created an equitable development initiative 158 00:07:59,559 --> 00:08:02,754 that helps communities at risk of displacement stay 159 00:08:02,754 --> 00:08:06,184 anchored and determine their own future in Seattle. 160 00:08:06,184 --> 00:08:08,083 We started innovative programs 161 00:08:08,083 --> 00:08:09,754 that help small businesses. 162 00:08:09,754 --> 00:08:12,499 We raised progressive revenue like the JumpStart 163 00:08:12,499 --> 00:08:14,720 payroll expense tax that helped our city to 164 00:08:14,720 --> 00:08:17,980 weather the COVID-19 pandemic and invest in affordable 165 00:08:17,980 --> 00:08:20,040 housing and climate resilience. 166 00:08:20,040 --> 00:08:22,439 We can be proud of these progressive 167 00:08:22,439 --> 00:08:25,182 policy innovations and achievements. 168 00:08:25,182 --> 00:08:27,730 And at the same time, we can and must 169 00:08:27,730 --> 00:08:31,665 recognize that we are in a new moment now, when we can no 170 00:08:31,665 --> 00:08:35,580 longer take that unstoppable growth for granted, and 171 00:08:35,580 --> 00:08:37,846 we must work together to find new ways to build a 172 00:08:37,846 --> 00:08:40,783 more resilient economy moving forward. 173 00:08:40,783 --> 00:08:43,533 We are by no means alone in facing 174 00:08:43,533 --> 00:08:45,264 serious headwinds. 175 00:08:45,264 --> 00:08:47,918 The global economy is precarious. 176 00:08:47,918 --> 00:08:51,918 Donald Trump's policies of tariffs, war, budget cuts, 177 00:08:51,918 --> 00:08:54,868 greed, and corruption are making it more so. 178 00:08:54,868 --> 00:08:56,778 His attacks on our immigrant 179 00:08:56,778 --> 00:08:59,346 residents are a direct challenge not only to our 180 00:08:59,346 --> 00:09:02,171 rights and our democracy, they're a challenge to 181 00:09:02,171 --> 00:09:04,177 our prosperity here in Seattle. 182 00:09:04,177 --> 00:09:06,831 Our region's recent population growth has been 183 00:09:06,831 --> 00:09:09,440 driven by international migration, people moving 184 00:09:09,440 --> 00:09:11,714 here from around the world and contributing 185 00:09:11,714 --> 00:09:13,855 to our economy and our culture and our civic 186 00:09:13,855 --> 00:09:16,220 life, and that is directly threatened by Trump's 187 00:09:16,220 --> 00:09:17,820 immigration policies. 188 00:09:17,820 --> 00:09:20,057 But perhaps most profoundly, the 189 00:09:20,057 --> 00:09:23,326 rise of AI has introduced deep uncertainty to the 190 00:09:23,326 --> 00:09:25,072 future of the tech sector. 191 00:09:25,072 --> 00:09:27,754 This is not uniquely a Seattle problem, but it 192 00:09:27,754 --> 00:09:30,700 creates special vulnerability for a city whose economy 193 00:09:30,700 --> 00:09:34,013 is so heavily dependent on a sector that's undergoing 194 00:09:34,013 --> 00:09:35,778 a fundamental restructure. 195 00:09:35,778 --> 00:09:38,927 This means risk for our residents and our workforce who 196 00:09:38,927 --> 00:09:42,125 need good, well-paying jobs, for our small businesses 197 00:09:42,125 --> 00:09:44,740 who need customers with disposable income, 198 00:09:44,740 --> 00:09:47,403 and for the city's ability to deliver the essential 199 00:09:47,403 --> 00:09:50,639 services that people depend on, as our tax base depends 200 00:09:50,639 --> 00:09:52,120 on a growing economy. 201 00:09:53,158 --> 00:09:54,720 So what do we do? 202 00:09:54,720 --> 00:09:57,738 As I said at the outset, I want businesses small, 203 00:09:57,738 --> 00:10:00,677 medium, and large to be successful in Seattle. 204 00:10:00,677 --> 00:10:04,538 And there are many things we know that we can and must do. 205 00:10:04,538 --> 00:10:07,677 We need to simplify city permitting processes 206 00:10:07,677 --> 00:10:11,139 and make it easier for businesses to navigate them. 207 00:10:11,139 --> 00:10:14,235 We need to continue and expand upon the great work of our 208 00:10:14,235 --> 00:10:17,870 Office of Economic Development, supporting small businesses in 209 00:10:17,870 --> 00:10:19,620 neighborhoods across the city. 210 00:10:19,620 --> 00:10:23,460 We need to dramatically reduce unsheltered homelessness. 211 00:10:23,460 --> 00:10:26,682 We need to tackle the drug crisis and other public disorder 212 00:10:26,682 --> 00:10:29,773 and public safety issues downtown and in neighborhoods 213 00:10:29,773 --> 00:10:32,600 across the city with new energy and effectiveness. 214 00:10:33,600 --> 00:10:36,567 And we need to get creative about filling our downtown 215 00:10:36,567 --> 00:10:39,863 office buildings with businesses and office workers, yes, 216 00:10:39,863 --> 00:10:42,961 and also by partnering with our arts and culture sector, 217 00:10:42,961 --> 00:10:46,125 converting office spaces into homes, and working to make 218 00:10:46,125 --> 00:10:49,355 downtown a vibrant, safe, 24-7 neighborhood where people 219 00:10:49,355 --> 00:10:50,940 want to live, work, and play. 220 00:10:52,038 --> 00:10:55,004 We need to do all of this, and the current 221 00:10:55,004 --> 00:10:56,980 moment demands much more. 222 00:10:57,980 --> 00:11:01,057 I am very excited today that we are releasing a report that 223 00:11:01,057 --> 00:11:03,812 helps us to chart our path to building the resilient 224 00:11:03,812 --> 00:11:05,480 Seattle economy of the future. 225 00:11:06,557 --> 00:11:09,557 This assessment was commissioned by our Office of Economic 226 00:11:09,557 --> 00:11:12,557 Development last year, and you'll be hearing directly from 227 00:11:12,557 --> 00:11:13,940 Ryan Donahue about it soon. 228 00:11:13,940 --> 00:11:16,668 And I'm so grateful to the team at Formation for the 229 00:11:16,668 --> 00:11:19,591 work that they've done to craft a report that is deeply 230 00:11:19,591 --> 00:11:22,840 researched, informative, nuanced, and most of all useful, 231 00:11:22,840 --> 00:11:25,673 both in how it describes the challenges we face and in its 232 00:11:25,673 --> 00:11:27,177 recommendations for action. 233 00:11:28,200 --> 00:11:31,200 The future of Seattle's economy depends on us. 234 00:11:31,200 --> 00:11:34,711 We must do intentional and creative work around economic 235 00:11:34,711 --> 00:11:38,442 development, and this requires deep collaboration between 236 00:11:38,442 --> 00:11:40,200 public and private sectors. 237 00:11:40,200 --> 00:11:43,177 One term for this is market crafting, actively shaping 238 00:11:43,177 --> 00:11:45,965 how capital flows through our city in the service of 239 00:11:45,965 --> 00:11:47,519 public goals that we define. 240 00:11:48,600 --> 00:11:51,190 This is a capacity that we have not, in our city, 241 00:11:51,190 --> 00:11:54,043 region, or state, yet built the muscle for, because 242 00:11:54,043 --> 00:11:55,440 we haven't really had to. 243 00:11:55,440 --> 00:11:58,932 We've been riding a growth wave for such a long time. 244 00:11:58,932 --> 00:12:02,676 Retaining the high-paying jobs and the anchor firms we 245 00:12:02,676 --> 00:12:05,940 have now is very important and at the same time we 246 00:12:05,940 --> 00:12:09,072 must also move from being reactive to actively 247 00:12:09,072 --> 00:12:12,341 diversifying our economy, creating the conditions 248 00:12:12,341 --> 00:12:14,980 for entrepreneurs to be successful, for small 249 00:12:14,980 --> 00:12:18,047 and mid-sized firms to scale up, and for the industries 250 00:12:18,047 --> 00:12:19,658 of the future to take shape. 251 00:12:19,658 --> 00:12:22,700 This requires a different kind of leadership 252 00:12:22,700 --> 00:12:24,298 from our public sector. 253 00:12:24,298 --> 00:12:25,990 It's not enough to simply turn 254 00:12:25,990 --> 00:12:28,798 the dials of taxes and regulations, although those 255 00:12:28,798 --> 00:12:29,918 dials do matter. 256 00:12:29,918 --> 00:12:31,918 We must actively envision the 257 00:12:31,918 --> 00:12:35,365 economy of the future and grow it like a garden. 258 00:12:35,365 --> 00:12:38,018 One opportunity I am especially 259 00:12:38,018 --> 00:12:41,340 excited about is growing our clean energy and clean 260 00:12:41,340 --> 00:12:43,860 technology sector, which is why it's so appropriate 261 00:12:43,860 --> 00:12:46,740 that we are here at the Climate Innovation Hub. 262 00:12:46,740 --> 00:12:49,879 This is vital as we strive to move off fossil fuels. 263 00:12:49,879 --> 00:12:52,620 And Seattle and Washington State have great advantages, 264 00:12:52,620 --> 00:12:55,740 from our public power utility to our Port of Seattle 265 00:12:55,740 --> 00:12:57,418 to our state's Climate Commitment Act 266 00:12:57,418 --> 00:13:00,759 that position us well to become a national leader. 267 00:13:00,759 --> 00:13:02,519 And we must apply the same urgency 268 00:13:02,519 --> 00:13:04,778 to support the housing and child care sectors, 269 00:13:04,778 --> 00:13:07,778 which are at the core of our affordability crisis. 270 00:13:07,778 --> 00:13:09,918 The role of the city in addressing high costs 271 00:13:09,918 --> 00:13:12,437 should go beyond providing subsidies. 272 00:13:12,437 --> 00:13:14,879 That means asking what we can do to make 273 00:13:14,879 --> 00:13:17,706 sure that ample housing is built and high quality 274 00:13:17,706 --> 00:13:20,490 child care is provided exactly where families need 275 00:13:20,490 --> 00:13:22,879 it and to make it easier to provide these basics 276 00:13:22,879 --> 00:13:26,014 affordably. There is so much more in this report 277 00:13:26,014 --> 00:13:28,907 and I look forward to many discussions in the months 278 00:13:28,907 --> 00:13:31,399 ahead, but now here are the actions that we are taking 279 00:13:31,399 --> 00:13:32,153 right now. 280 00:13:32,153 --> 00:13:35,099 Today I will be signing an executive order 281 00:13:35,099 --> 00:13:38,225 to start building a more resilient Seattle economy. 282 00:13:38,225 --> 00:13:40,700 It has four sections and I'm excited to share them 283 00:13:40,700 --> 00:13:41,480 with you. 284 00:13:41,480 --> 00:13:44,124 First, we need to work together. 285 00:13:44,124 --> 00:13:47,057 This executive order creates a task 286 00:13:47,057 --> 00:13:49,350 force that brings together key civic leaders, 287 00:13:49,350 --> 00:13:51,455 including many of the people here today. 288 00:13:51,455 --> 00:13:53,677 Together we will do the collaborative 289 00:13:53,677 --> 00:13:56,870 work that is so important to charting our city's 290 00:13:56,870 --> 00:13:58,240 economic future. 291 00:13:58,240 --> 00:14:01,158 I will be looking to them with their expertise, 292 00:14:01,158 --> 00:14:03,379 their industry knowledge, their data, 293 00:14:03,379 --> 00:14:05,360 and their relationships to help to shape 294 00:14:05,360 --> 00:14:06,360 how we move forward. 295 00:14:07,480 --> 00:14:09,460 The task force will make recommendations 296 00:14:09,460 --> 00:14:11,620 to leverage Seattle's economic assets, 297 00:14:11,620 --> 00:14:14,960 our businesses, capital, institutions, and workforce, 298 00:14:14,960 --> 00:14:18,200 to attract, retain, and grow businesses in Seattle, 299 00:14:18,200 --> 00:14:20,158 particularly in key and innovative industries 300 00:14:20,158 --> 00:14:24,320 where city action can help to tip the scales towards success, 301 00:14:24,320 --> 00:14:27,139 including clean tech, maritime, and the creative economy. 302 00:14:28,500 --> 00:14:31,677 It will deliver an initial set of recommendations in February 303 00:14:31,677 --> 00:14:34,080 and a final report later in the year. 304 00:14:34,080 --> 00:14:36,278 And I know that similar conversations are beginning 305 00:14:36,278 --> 00:14:37,940 at the regional and state levels, 306 00:14:37,940 --> 00:14:40,360 and I look forward to coordinating with those efforts. 307 00:14:41,399 --> 00:14:43,940 Second, we need to do more to support the small 308 00:14:43,940 --> 00:14:46,360 and mid-sized businesses that will create the next wave 309 00:14:46,360 --> 00:14:48,139 of economic growth. 310 00:14:48,139 --> 00:14:51,214 This part of the executive order directs OED to plan a 311 00:14:51,214 --> 00:14:52,960 strategic initiatives fund. 312 00:14:52,960 --> 00:14:55,749 It will be designed to deploy flexible capital to support 313 00:14:55,749 --> 00:14:57,259 businesses in key industries. 314 00:14:58,379 --> 00:15:01,393 Some of our peer cities are already doing this, and it's 315 00:15:01,393 --> 00:15:02,899 time for Seattle to as well. 316 00:15:02,899 --> 00:15:05,706 This is where we can start to do that work of creating 317 00:15:05,706 --> 00:15:08,580 and shaping markets and supporting new industries. 318 00:15:08,580 --> 00:15:11,360 Next September, OED will deliver a proposal to me so that 319 00:15:11,360 --> 00:15:13,580 we can launch the Strategic Initiatives Fund. 320 00:15:14,918 --> 00:15:17,793 Third, we need to manage and leverage our city-owned assets 321 00:15:17,793 --> 00:15:20,740 for economic development and diversification. 322 00:15:20,740 --> 00:15:23,091 This part of the executive order will get our city 323 00:15:23,091 --> 00:15:25,798 departments ready to align their assets and work plans to 324 00:15:25,798 --> 00:15:28,658 implement the work of the task force and support the Strategic 325 00:15:28,658 --> 00:15:30,220 Initiatives Fund. 326 00:15:30,220 --> 00:15:32,812 We will also review our procurement processes and 327 00:15:32,812 --> 00:15:36,147 policies to remove barriers and promote investment in smaller, 328 00:15:36,147 --> 00:15:39,110 local, and cutting-edge businesses with a focus on women 329 00:15:39,110 --> 00:15:40,840 and minority-owned businesses. 330 00:15:42,177 --> 00:15:45,815 Fourth, we need to simplify and make it easier for businesses, 331 00:15:45,815 --> 00:15:48,960 especially new ones, to navigate our city processes. 332 00:15:48,960 --> 00:15:52,144 My executive order will direct OED to coordinate with our 333 00:15:52,144 --> 00:15:55,062 other city departments to reduce barriers for small 334 00:15:55,062 --> 00:15:56,918 businesses to start and operate. 335 00:15:56,918 --> 00:15:59,644 That includes looking at opportunities to fill brick 336 00:15:59,644 --> 00:16:02,067 and mortar commercial spaces and to streamline 337 00:16:02,067 --> 00:16:03,519 and centralize permitting. 338 00:16:03,519 --> 00:16:05,980 OED and our Seattle Department of Construction and 339 00:16:05,980 --> 00:16:08,442 Inspections already do a lot of great work making it 340 00:16:08,442 --> 00:16:11,019 easier for people to start a business and get a permit. 341 00:16:11,019 --> 00:16:14,480 It's my goal that we can do even more in the months ahead with 342 00:16:14,480 --> 00:16:16,460 the resources we currently have. 343 00:16:16,460 --> 00:16:18,892 So I've said a lot here because I want to emphasize 344 00:16:18,892 --> 00:16:21,740 how important this work is to me and to my administration. 345 00:16:22,740 --> 00:16:25,365 Economic development in this administration is 346 00:16:25,365 --> 00:16:28,057 not a separate track from housing, public safety, 347 00:16:28,057 --> 00:16:29,658 mobility, or human services. 348 00:16:29,658 --> 00:16:31,918 They're all part of the same project. 349 00:16:31,918 --> 00:16:35,153 A city where workers can afford to live is a city 350 00:16:35,153 --> 00:16:38,639 where businesses can retain the people they need. 351 00:16:38,639 --> 00:16:41,673 A city where our neighborhoods are safe and well-served 352 00:16:41,673 --> 00:16:44,057 is a city where small businesses can thrive. 353 00:16:44,057 --> 00:16:46,774 A city that invests in mobility and infrastructure 354 00:16:46,774 --> 00:16:49,235 is a city that connects workers to opportunity 355 00:16:49,235 --> 00:16:50,500 and goods to the market. 356 00:16:51,658 --> 00:16:54,961 Seattle has everything it needs to build the most equitable, 357 00:16:54,961 --> 00:16:58,200 dynamic, and resilient economy of any major American city. 358 00:16:58,200 --> 00:17:00,623 This administration is going to use every tool 359 00:17:00,623 --> 00:17:01,677 we have to get there. 360 00:17:01,677 --> 00:17:02,038 Thank you. 361 00:17:08,837 --> 00:17:11,804 And now it is my pleasure to introduce Ryan Donahue from 362 00:17:11,804 --> 00:17:14,625 Formation, who will be sharing some key findings from our 363 00:17:14,625 --> 00:17:15,980 business climate assessment. 364 00:17:21,380 --> 00:17:24,240 Thank you, Mayor Wilson, and thank you so much as well to the 365 00:17:24,240 --> 00:17:27,249 Office of Economic Development team that were such 366 00:17:27,249 --> 00:17:31,180 amazing partners in this entire year-long process. 367 00:17:31,180 --> 00:17:33,439 And I'm so excited that this report is now going 368 00:17:33,439 --> 00:17:34,538 to see the light of day. 369 00:17:34,538 --> 00:17:37,952 It is long, it is detailed, and I hope it spurs a lot of 370 00:17:37,952 --> 00:17:41,577 productive conversations in the city and beyond. 371 00:17:42,759 --> 00:17:45,097 It's appropriate, I thought this morning, 372 00:17:45,097 --> 00:17:46,817 that the weather is so incredible 373 00:17:46,817 --> 00:17:48,920 on the day that this report is being released 374 00:17:48,920 --> 00:17:52,817 because while I would not call it a sunny assessment, 375 00:17:52,817 --> 00:17:55,857 it is ultimately a very optimistic one 376 00:17:55,857 --> 00:17:59,220 in many of the ways that the mayor just outlined. 377 00:17:59,220 --> 00:18:02,740 Before making the case for optimism 378 00:18:02,740 --> 00:18:05,057 about Seattle's economic potential, 379 00:18:05,057 --> 00:18:06,660 let me back up and say a few words 380 00:18:06,660 --> 00:18:09,778 about how we went about this work. 381 00:18:09,778 --> 00:18:13,680 The team that I led at Formation began from 382 00:18:13,680 --> 00:18:16,489 perhaps the obvious starting point that this is a 383 00:18:16,489 --> 00:18:19,171 real moment of profound economic disruption. 384 00:18:19,171 --> 00:18:20,826 The emergence of artificial 385 00:18:20,826 --> 00:18:24,338 intelligence, the energy crunch that is in part related 386 00:18:24,338 --> 00:18:27,920 to that, the immigration policies being wrought by 387 00:18:27,920 --> 00:18:30,000 the federal government and the way 388 00:18:30,000 --> 00:18:31,357 that the federal government is funding 389 00:18:31,357 --> 00:18:34,460 or not funding key institutions like universities. 390 00:18:34,460 --> 00:18:38,920 All of these forces and more add up to a real force 391 00:18:38,920 --> 00:18:40,740 that could threaten and is threatening 392 00:18:40,740 --> 00:18:43,337 to disrupt the equilibrium that has sort of defined 393 00:18:43,337 --> 00:18:45,617 the past decade of the economy. 394 00:18:45,617 --> 00:18:48,538 And in that equilibrium of the past decade, 395 00:18:48,538 --> 00:18:50,980 despite all of the complexities and distortions 396 00:18:50,980 --> 00:18:53,200 and challenges that Seattle has faced, 397 00:18:53,200 --> 00:18:56,432 Seattle has fared incredibly well compared to other cities 398 00:18:56,432 --> 00:18:58,180 and regions across the country. 399 00:18:59,837 --> 00:19:02,423 Seattle is one of a few superstar innovation hubs 400 00:19:02,423 --> 00:19:05,194 in the country, and that, as the mayor described, has 401 00:19:05,194 --> 00:19:08,096 created ripple effects that have not reached everyone 402 00:19:08,096 --> 00:19:10,886 or every part of the city, but have created a more 403 00:19:10,886 --> 00:19:14,905 inclusive, more robust base of quality job growth than almost 404 00:19:14,905 --> 00:19:16,837 any other city in the country. 405 00:19:16,837 --> 00:19:19,709 And so all of those forces that are adding up to 406 00:19:19,709 --> 00:19:23,482 something that could dislodge Seattle from its position as 407 00:19:23,482 --> 00:19:27,259 a superstar innovation hub should be taken very seriously. 408 00:19:27,259 --> 00:19:29,692 And against that backdrop, we really asked three 409 00:19:29,692 --> 00:19:31,000 questions in this report. 410 00:19:31,000 --> 00:19:34,722 First was, what industries matter now, but especially so 411 00:19:34,722 --> 00:19:38,450 in the future, to Seattle's job growth and, importantly, 412 00:19:38,450 --> 00:19:40,076 to its fiscal stability? 413 00:19:41,097 --> 00:19:44,673 In those industries, is Seattle still, after a decade of 414 00:19:44,673 --> 00:19:48,553 very high velocity, complex policymaking, an advantageous 415 00:19:48,553 --> 00:19:52,278 place to start and grow and move those types of businesses? 416 00:19:52,278 --> 00:19:55,114 And if not, what can be done, not just in terms of policy, 417 00:19:55,114 --> 00:19:58,380 but also in terms of practice and cross-sector collaboration? 418 00:19:59,920 --> 00:20:04,006 To answer that question, we looked at the data from every 419 00:20:04,006 --> 00:20:07,214 possible angle for many, many months. We talked to leaders 420 00:20:07,214 --> 00:20:09,824 across Seattle and different sectors and different 421 00:20:09,824 --> 00:20:12,117 industries, some of whom are in this room. 422 00:20:12,117 --> 00:20:16,074 And importantly, we talked to leaders of economic development 423 00:20:16,074 --> 00:20:19,680 entities of all types in other cities across the country. 424 00:20:19,680 --> 00:20:22,125 And we asked them how they perceive Seattle and how the 425 00:20:22,125 --> 00:20:24,837 businesses that they work with every day perceive Seattle. 426 00:20:26,160 --> 00:20:29,538 We looked at how their economies compare to Seattle's 427 00:20:29,538 --> 00:20:32,577 in ways beyond what can be seen in the data. 428 00:20:32,577 --> 00:20:34,617 And we really dug deeply into what capabilities 429 00:20:35,778 --> 00:20:37,980 those other cities and regions and states have 430 00:20:37,980 --> 00:20:40,640 to shape their economies that may or may not exist 431 00:20:40,640 --> 00:20:42,857 here in Seattle and in Washington. 432 00:20:42,857 --> 00:20:44,460 And from all that work, we really came away 433 00:20:44,460 --> 00:20:46,480 with two broad conclusions. 434 00:20:46,480 --> 00:20:50,180 One was, and this may strike some as entirely obvious 435 00:20:50,180 --> 00:20:54,236 and others as quite doubtful, but Seattle has an amazing 436 00:20:54,236 --> 00:20:56,480 economy by almost any measure. 437 00:20:57,640 --> 00:21:00,276 However, as the mayor indicated, there's two real 438 00:21:00,276 --> 00:21:01,720 challenges going forward. 439 00:21:01,720 --> 00:21:05,673 One is that Seattle really needs to retain the 440 00:21:05,673 --> 00:21:09,837 very unique concentration of talent that it has 441 00:21:09,837 --> 00:21:12,900 amid all of these headwinds that I described a minute ago, 442 00:21:12,900 --> 00:21:15,958 and the anchor industries and anchor companies that 443 00:21:15,958 --> 00:21:18,597 have driven its economy over the past decade. 444 00:21:18,597 --> 00:21:21,980 And secondly, it needs to actively and intentionally 445 00:21:21,980 --> 00:21:24,837 reconfigure the economic assets that it has. 446 00:21:24,837 --> 00:21:27,115 What I mean by that is Seattle is incredibly 447 00:21:27,115 --> 00:21:29,617 blessed economically in the sense that it is 448 00:21:29,617 --> 00:21:32,289 one of the only places in the country that has 449 00:21:32,289 --> 00:21:35,669 frontier software talent sitting beside manufacturing 450 00:21:35,669 --> 00:21:37,940 prowess that has been here for decades. 451 00:21:37,940 --> 00:21:40,381 And we are entering an era of the economy in which the 452 00:21:40,381 --> 00:21:42,880 places that can intentionally combine those things 453 00:21:44,240 --> 00:21:47,141 into companies like those that are being born here that are 454 00:21:47,141 --> 00:21:50,097 combining hardware and software to solve global problems, 455 00:21:50,097 --> 00:21:51,857 those are the cities that are going to succeed. 456 00:21:52,880 --> 00:21:55,461 And so what Seattle needs to do is create the infrastructure, 457 00:21:55,461 --> 00:21:58,778 the economic infrastructure, that is conducive to the growth 458 00:21:58,778 --> 00:22:00,700 of those types of industries. 459 00:22:00,700 --> 00:22:02,632 And what that will require is really our second 460 00:22:02,632 --> 00:22:05,259 conclusion from all this work, which is that this city, 461 00:22:05,259 --> 00:22:08,693 this region, and this state need more and different kinds 462 00:22:08,693 --> 00:22:10,817 of economic development muscle. 463 00:22:10,817 --> 00:22:14,093 As the mayor indicated, Seattle has benefited 464 00:22:14,093 --> 00:22:16,950 from a wave of growth that has sort of persisted 465 00:22:16,950 --> 00:22:18,117 for quite a long time. 466 00:22:18,117 --> 00:22:21,556 Other regions in this country whose economies have been 467 00:22:21,556 --> 00:22:25,285 embattled for decades have built up the kind of capabilities 468 00:22:25,285 --> 00:22:29,086 to identify the industries that matter, diagnose why they're 469 00:22:29,086 --> 00:22:32,596 not growing in the way that they could be making long-term 470 00:22:32,596 --> 00:22:36,324 investments in aligning policy, and that is the muscle that, 471 00:22:36,324 --> 00:22:39,538 again, the city, region, and state now need to build. 472 00:22:39,538 --> 00:22:42,230 So the summary of all of our work I would say is 473 00:22:42,230 --> 00:22:45,172 the following: the evidence shows that Seattle is 474 00:22:45,172 --> 00:22:48,220 economically far better positioned in the medium term 475 00:22:48,220 --> 00:22:52,394 than I think most people recognize, and institutionally 476 00:22:52,394 --> 00:22:55,692 less well equipped to take advantage of this moment 477 00:22:55,692 --> 00:22:58,538 than many may recognize, and that is a much better 478 00:22:58,538 --> 00:23:00,646 problem to have than the reverse. 479 00:23:00,646 --> 00:23:03,357 I'll close with one point that is somewhere 480 00:23:03,357 --> 00:23:06,076 near page 100 of this report and so I want to 481 00:23:06,076 --> 00:23:09,259 say it out loud in case people don't get to it which 482 00:23:09,259 --> 00:23:11,942 is that we see multiple paths to Seattle getting 483 00:23:11,942 --> 00:23:14,557 to a point in the medium term where it has closed 484 00:23:15,597 --> 00:23:20,105 its budget deficit one of those paths involves moderate growth 485 00:23:20,105 --> 00:23:23,382 but ensuring that the majority of that growth is taking 486 00:23:23,382 --> 00:23:25,557 place in the industries that really matter in the 487 00:23:25,557 --> 00:23:28,882 ways I described before and increasing Seattle's 488 00:23:28,882 --> 00:23:32,328 employment rate to the level of its peer regions in 489 00:23:32,328 --> 00:23:35,519 other words a form of growth that is driven by 490 00:23:35,519 --> 00:23:39,065 innovation but is paired with really robust investments 491 00:23:39,065 --> 00:23:41,694 in inclusive talent development inclusive 492 00:23:41,694 --> 00:23:44,519 workforce development the other path is Seattle 493 00:23:44,519 --> 00:23:46,788 grows in much the same way but fuels that growth 494 00:23:46,788 --> 00:23:48,624 the way it did the past decade which is 495 00:23:48,624 --> 00:23:51,278 predominantly by attracting talent from across the 496 00:23:51,278 --> 00:23:54,412 country and around the world in that version of 497 00:23:54,412 --> 00:23:58,255 growth people from Seattle are left on the periphery of 498 00:23:58,255 --> 00:24:02,160 the economy watching housing prices skyrocket and so 499 00:24:02,160 --> 00:24:04,944 in this report we really offer a pretty robust 500 00:24:04,944 --> 00:24:07,520 defense of innovation and competitiveness and we 501 00:24:07,520 --> 00:24:09,400 talk about building more of the things that the 502 00:24:09,400 --> 00:24:12,007 city needs to make this an affordable place 503 00:24:12,007 --> 00:24:14,480 to live, whether that's energy or childcare 504 00:24:14,480 --> 00:24:15,557 or housing. 505 00:24:15,557 --> 00:24:19,093 But the math really only works in the end if all of that 506 00:24:19,093 --> 00:24:22,182 is paired with real efforts to include workers and 507 00:24:22,182 --> 00:24:25,660 entrepreneurs from Seattle in the industries that are driving 508 00:24:25,660 --> 00:24:26,700 the next wave of growth. 509 00:24:27,817 --> 00:24:30,201 Thank you all for your time, and I believe I'm inviting up 510 00:24:30,201 --> 00:24:32,077 Jon from the Downtown Seattle Association. 511 00:24:32,077 --> 00:24:33,057 Thank you. 512 00:24:37,720 --> 00:24:38,400 Well, good morning, everybody. 513 00:24:38,400 --> 00:24:40,008 I'm Jon Scholes, President and CEO of the 514 00:24:40,008 --> 00:24:42,140 Downtown Seattle Association, and really pleased to 515 00:24:42,140 --> 00:24:44,910 have the opportunity to join you today and 516 00:24:44,910 --> 00:24:46,640 share some remarks. 517 00:24:46,640 --> 00:24:48,097 And I really appreciate the assessment 518 00:24:48,097 --> 00:24:49,880 and the report that's been completed 519 00:24:49,880 --> 00:24:53,040 by Ryan and the team and OED and the mayor's office 520 00:24:53,040 --> 00:24:56,317 for bringing us together and putting it forth today. 521 00:24:56,317 --> 00:24:58,097 I got to spend some time several months ago 522 00:24:58,097 --> 00:24:59,798 sharing my perspective and our thoughts 523 00:24:59,798 --> 00:25:03,345 with Ryan on the report and I appreciate the executive 524 00:25:03,345 --> 00:25:07,087 order and the framework that the mayor will soon 525 00:25:07,087 --> 00:25:12,077 sign to commit to a series of actions around increasing 526 00:25:12,077 --> 00:25:14,699 economic activity and jobs in our city and I think 527 00:25:14,699 --> 00:25:17,487 that work is desperately needed I think our city's 528 00:25:17,487 --> 00:25:20,519 economy can perhaps best be described today as being 529 00:25:20,519 --> 00:25:22,218 sluggish in Seattle. 530 00:25:22,218 --> 00:25:24,576 We've not seen job growth over 531 00:25:24,576 --> 00:25:28,256 the last five, six, seven years in this city and we're 532 00:25:28,256 --> 00:25:31,278 seeing it in other cities not just the city across 533 00:25:31,278 --> 00:25:34,374 the lake from us but cities across the country. 534 00:25:34,374 --> 00:25:36,038 When you look at the top 30 535 00:25:36,038 --> 00:25:38,394 metros within the US and their employment 536 00:25:38,394 --> 00:25:39,740 growth from 2019 to 2025 537 00:25:41,357 --> 00:25:43,371 Seattle is toward the bottom of that list. 538 00:25:43,371 --> 00:25:44,980 Other cities on that list whether 539 00:25:44,980 --> 00:25:47,980 it's Nashville, Austin, Dallas, Denver, 540 00:25:47,980 --> 00:25:51,798 have double-digit job growth over that same period. 541 00:25:51,798 --> 00:25:54,530 It wasn't too long ago that you could stand and 542 00:25:54,530 --> 00:25:57,865 look out these windows and see cranes dotting the 543 00:25:57,865 --> 00:25:59,920 skyline, multiple cranes. 544 00:25:59,920 --> 00:26:02,460 I'm struggling to find one. 545 00:26:02,460 --> 00:26:04,604 What I do see is a lot of empty space, a lot 546 00:26:04,604 --> 00:26:07,894 of empty office space, and empty office space sitting 547 00:26:07,894 --> 00:26:09,396 on top of empty retail. 548 00:26:09,400 --> 00:26:12,806 And we find ourselves in a tough spot, no doubt, and I think 549 00:26:12,806 --> 00:26:16,496 we're going to need to be much more intentional and deliberate 550 00:26:16,496 --> 00:26:20,326 and collaborative to regain some of the momentum and investment 551 00:26:20,326 --> 00:26:23,588 and job creation in this place like what we experienced 552 00:26:23,588 --> 00:26:24,940 over the last 20 years. 553 00:26:26,038 --> 00:26:29,173 We're going to have to be much more deliberate, 554 00:26:29,173 --> 00:26:30,778 much more intentional. 555 00:26:30,778 --> 00:26:33,509 What I hear a lot from companies, from folks 556 00:26:33,509 --> 00:26:36,596 in arts and culture, nonprofits, small business, 557 00:26:36,596 --> 00:26:39,576 medium, large employers, about the state of doing 558 00:26:39,576 --> 00:26:42,720 business in Seattle today is it's too unpredictable. 559 00:26:42,720 --> 00:26:45,720 I don't know what's coming next, whether it's a regulation, 560 00:26:45,720 --> 00:26:48,460 change to my operation, or a tax. 561 00:26:48,460 --> 00:26:50,577 I don't necessarily feel I'm wanted. 562 00:26:50,577 --> 00:26:54,727 The tone and tenor isn't positive always to me and 563 00:26:54,727 --> 00:26:59,376 my employees, my company, being here, doing business, 564 00:26:59,376 --> 00:27:01,200 making investments. 565 00:27:01,200 --> 00:27:05,400 It is expensive, and yes, it's expensive in other places too. 566 00:27:05,400 --> 00:27:07,951 But I think like any consumer, when you're paying a 567 00:27:07,951 --> 00:27:10,746 premium price, you expect a premium experience that's 568 00:27:10,746 --> 00:27:13,480 predictable, where the streets are safe and healthy. 569 00:27:13,480 --> 00:27:15,692 And we haven't always delivered that premium 570 00:27:15,692 --> 00:27:16,857 experience in Seattle. 571 00:27:16,857 --> 00:27:20,213 We charge a premium price to be here, no doubt, with B&O 572 00:27:20,213 --> 00:27:24,019 tax and payroll tax and other expenses that are faced here and 573 00:27:24,019 --> 00:27:27,597 not faced to the same degree in other parts of this region. 574 00:27:29,220 --> 00:27:31,742 There's also good reasons to be here, no doubt, and that's 575 00:27:31,742 --> 00:27:33,057 why I've got a lot of optimism. 576 00:27:33,057 --> 00:27:36,409 We've got some incredible assets, incredibly talented 577 00:27:36,409 --> 00:27:39,259 workforce, yes, in tech, but also in the trades. 578 00:27:39,259 --> 00:27:42,391 Incredible infrastructure, whether it's our international 579 00:27:42,391 --> 00:27:45,221 airport or the Port of Seattle or big city transit that we 580 00:27:45,221 --> 00:27:48,471 have today with frequency every five minutes north and south and 581 00:27:48,471 --> 00:27:50,038 eight minutes across the lake. 582 00:27:50,038 --> 00:27:52,140 We saw how valuable that was in June. 583 00:27:52,140 --> 00:27:54,847 It'll be pretty valuable tonight when a bunch of 584 00:27:54,847 --> 00:27:56,337 Hawks fans come downtown. 585 00:27:56,337 --> 00:27:57,400 We have incredible companies. 586 00:27:57,400 --> 00:27:59,798 We have an incredible research institution. 587 00:27:59,798 --> 00:28:03,275 We have the big things that so many other cities across 588 00:28:03,275 --> 00:28:04,817 our country don't have. 589 00:28:04,817 --> 00:28:06,500 They're still sort of fighting for those things. 590 00:28:06,500 --> 00:28:09,960 This is decades of work that have put great assets in place. 591 00:28:09,960 --> 00:28:13,317 So there's a lot for us to work with, and I think we need 592 00:28:13,317 --> 00:28:16,313 to work together to regain investment in this place, 593 00:28:16,313 --> 00:28:18,759 job creation, which is great for lots of reasons. 594 00:28:18,759 --> 00:28:21,287 And I look at our job production over the last seven years, 595 00:28:21,287 --> 00:28:24,202 and I look at our current housing permits today and 596 00:28:24,202 --> 00:28:25,900 we're not in a good spot. 597 00:28:25,900 --> 00:28:29,180 A city across the lake that's, you know, a seventh 598 00:28:29,180 --> 00:28:32,105 of our size has more housing permitted than we do today 599 00:28:32,105 --> 00:28:34,278 and if you're a city that's not producing jobs and not 600 00:28:34,278 --> 00:28:36,614 producing housing there's gonna be significant drag 601 00:28:36,614 --> 00:28:39,130 on lots of other things we care about whether it's 602 00:28:39,130 --> 00:28:42,116 the tax base or a host of other variables that matter 603 00:28:42,117 --> 00:28:44,625 to all of us and to a healthy and thriving city. 604 00:28:44,625 --> 00:28:47,114 So we're ready to get to work and really appreciate 605 00:28:47,114 --> 00:28:49,259 the mayor's leadership here of putting forward 606 00:28:49,259 --> 00:28:52,584 this assessment, putting forward some very specific ideas 607 00:28:52,584 --> 00:28:56,259 on a framework and bringing together a key group of people 608 00:28:56,259 --> 00:28:58,767 both in the private sector and public sector to roll up 609 00:28:58,767 --> 00:29:01,117 their sleeves and build on the great assets we have. 610 00:29:01,117 --> 00:29:02,700 I'm bullish about our future. 611 00:29:02,700 --> 00:29:04,097 I think our best days are ahead of us. 612 00:29:04,097 --> 00:29:07,220 I have a lot of optimism around what's achievable. 613 00:29:07,220 --> 00:29:10,449 So appreciate the opportunity to be here today and I'll hand 614 00:29:10,449 --> 00:29:12,644 it over now to the one and only Laura Clise with 615 00:29:12,644 --> 00:29:13,420 The Intentionalist. 616 00:29:19,298 --> 00:29:21,778 Thank you. 617 00:29:23,317 --> 00:29:24,180 Thanks so much, Jon. 618 00:29:26,740 --> 00:29:30,951 In March of 2020, I stood on a stage and pitched 619 00:29:30,951 --> 00:29:35,720 the Intentionalist vision for a community-driven 620 00:29:35,720 --> 00:29:41,823 economy. It began, I'd like to tell you a story about 621 00:29:41,823 --> 00:29:46,385 a city where inclusive growth supports a vibrant 622 00:29:46,385 --> 00:29:47,490 local economy. 623 00:29:47,490 --> 00:29:50,038 Where Main Street small businesses 624 00:29:50,038 --> 00:29:55,557 thrive because neighbors know and support each other. 625 00:29:55,557 --> 00:29:58,449 And there's a sense of connection and 626 00:29:58,449 --> 00:30:00,500 belonging and community. 627 00:30:02,778 --> 00:30:08,038 Six and a half years later, I wouldn't change a single word. 628 00:30:09,337 --> 00:30:13,576 At Intentionalist, we believe that where we spend our money 629 00:30:13,576 --> 00:30:17,573 matters and that everyday decisions about where 630 00:30:17,573 --> 00:30:21,726 we eat, drink, and shop are opportunities to 631 00:30:21,726 --> 00:30:26,181 explore, learn about, and support local businesses and 632 00:30:26,181 --> 00:30:28,420 the diverse people behind them. 633 00:30:29,920 --> 00:30:34,278 We are here today for the love of Seattle's neighborhoods 634 00:30:35,759 --> 00:30:39,680 and the people and small businesses whose 635 00:30:39,680 --> 00:30:43,327 stories make them the places where we want 636 00:30:43,327 --> 00:30:45,400 to live and work and play. 637 00:30:46,857 --> 00:30:51,903 Who can imagine Chinatown International District 638 00:30:51,903 --> 00:30:54,719 without Tai Tung or Milakai? 639 00:30:56,038 --> 00:30:59,117 Capitol Hill without the Wildrose? 640 00:31:00,160 --> 00:31:03,077 White Center without Salvadorean Bakery? 641 00:31:04,980 --> 00:31:10,423 who else has walked into Chu Minh Tofu and gotten 642 00:31:10,423 --> 00:31:11,880 a hug from Tanya 643 00:31:13,220 --> 00:31:14,959 that turned your whole day around 644 00:31:16,337 --> 00:31:20,500 who else has been heartened by the stories 645 00:31:20,500 --> 00:31:24,160 of generations of customers growing up 646 00:31:24,160 --> 00:31:28,038 at Fainting Goat Gelato and Phnom Penh Noodle House. 647 00:31:28,038 --> 00:31:34,173 And some businesses don't just serve as neighborhood 648 00:31:34,173 --> 00:31:35,615 third spaces. 649 00:31:35,615 --> 00:31:38,851 They beckon all of us to explore. 650 00:31:38,851 --> 00:31:43,152 Communion, Metier Brewing, and Queen Care 651 00:31:43,152 --> 00:31:47,486 invite us to rediscover the Central District. 652 00:31:47,486 --> 00:31:50,659 Harold Fields and Amami Cushy welcome 653 00:31:50,659 --> 00:31:52,837 foodies to Rainier Beach. 654 00:31:54,097 --> 00:31:57,573 And how about a side of inspiration with your 655 00:31:57,573 --> 00:32:01,140 pulled pork or brisket sandwich at Emma's BBQ 656 00:32:01,140 --> 00:32:02,567 in Hillman City. 657 00:32:02,567 --> 00:32:06,038 Owner Tess Thomas opened her restaurant 658 00:32:06,038 --> 00:32:10,419 to honor her late mother and to leave a culinary 659 00:32:10,419 --> 00:32:13,617 legacy for her grandchildren. 660 00:32:13,617 --> 00:32:18,721 Years before I founded Intentionalist, I discovered 661 00:32:18,721 --> 00:32:23,719 Piroshki on 3rd, now Pinoyshki, because its inclusive 662 00:32:23,720 --> 00:32:26,569 signage welcomed me in. 663 00:32:26,569 --> 00:32:30,278 It was a powerful reminder that 664 00:32:30,278 --> 00:32:36,105 local businesses shape the culture of our cities and 665 00:32:36,105 --> 00:32:41,317 neighborhoods. Seattle isn't Seattle without the 666 00:32:41,317 --> 00:32:44,403 brick and mortar small businesses at the 667 00:32:44,403 --> 00:32:46,240 heart of our communities. 668 00:32:49,740 --> 00:32:56,405 Admittedly, this morning isn't all about small business because 669 00:32:56,405 --> 00:33:00,519 small businesses don't drive Seattle's economy. 670 00:33:02,057 --> 00:33:07,471 But there's something that we've always believed, and that's 671 00:33:07,471 --> 00:33:12,260 that the places where we eat, gather, connect, and find 672 00:33:12,260 --> 00:33:17,674 belonging should be part of the same conversation as housing, 673 00:33:17,674 --> 00:33:20,278 childcare, and clean energy. 674 00:33:20,278 --> 00:33:23,432 The things that determine whether and why people 675 00:33:23,432 --> 00:33:24,740 choose to live here. 676 00:33:26,000 --> 00:33:29,434 Local businesses provide critical community 677 00:33:29,434 --> 00:33:32,219 infrastructure. Yes, they're the places 678 00:33:32,219 --> 00:33:34,920 where we connect, celebrate, and organize. 679 00:33:34,920 --> 00:33:39,616 They're the people who know our kids and pets by name. 680 00:33:39,617 --> 00:33:43,634 They bring us together and introduce us to new cultures, 681 00:33:43,634 --> 00:33:45,856 musicians, and local artists. 682 00:33:46,880 --> 00:33:50,673 And when crisis happens, they are often the first 683 00:33:50,673 --> 00:33:54,097 to step up and offer support to those in need, 684 00:33:54,097 --> 00:33:57,630 like Spice Waala, Friday afternoon tea, Frelard 685 00:33:57,630 --> 00:33:59,896 Tamales, and conscious eatery. 686 00:34:01,640 --> 00:34:05,833 Small businesses are a big part of what makes 687 00:34:05,833 --> 00:34:08,099 Seattle feel like home. 688 00:34:08,099 --> 00:34:13,458 And while I've come to be known as a small business superfan, 689 00:34:13,460 --> 00:34:17,266 I've spent most of my career leading corporate sustainability 690 00:34:17,266 --> 00:34:21,521 and social responsibility for multinational corporations 691 00:34:21,521 --> 00:34:25,239 in clean energy and timber and forest products, 692 00:34:25,239 --> 00:34:29,018 working at the intersection of business and society. 693 00:34:30,139 --> 00:34:33,706 Cross-sector collaboration is the work that I've 694 00:34:33,706 --> 00:34:37,556 done my entire career, and it's why I know that 695 00:34:37,556 --> 00:34:42,619 our largest employers depend on our smallest ones, 696 00:34:43,639 --> 00:34:46,797 and our smallest ones depend on us. 697 00:34:48,358 --> 00:34:51,378 Next week, Intentionalist will release the findings 698 00:34:51,378 --> 00:34:54,898 of our 2026 Mid-Year Small Business Survey, 699 00:34:54,898 --> 00:34:57,579 a follow-up to the survey we released in January. 700 00:34:58,739 --> 00:35:02,000 What we've heard reinforces why together 701 00:35:03,219 --> 00:35:04,838 is the only way forward. 702 00:35:05,900 --> 00:35:07,818 We need each other. 703 00:35:08,940 --> 00:35:13,119 That's why the Seattle Storm Shared Table Initiative brings 704 00:35:13,119 --> 00:35:17,666 the owner of restaurants like Cafe Turko and Uptown China 705 00:35:17,666 --> 00:35:22,380 Restaurant to cater a meal and share the stories of the 706 00:35:22,380 --> 00:35:25,340 people behind them with Storm Front Office staff. 707 00:35:26,559 --> 00:35:31,139 Every institution in this room and beyond can do the same. 708 00:35:33,260 --> 00:35:38,260 All of the businesses that I've mentioned today had a first day, 709 00:35:39,818 --> 00:35:44,099 and probably a lot of paperwork that preceded it. 710 00:35:45,880 --> 00:35:51,378 Today, the city is committing to make that first day come sooner 711 00:35:51,380 --> 00:35:55,199 for future beloved neighborhood businesses. 712 00:35:57,079 --> 00:36:00,570 The next chapter of Seattle's story is being 713 00:36:00,570 --> 00:36:03,326 written by all of us and the intentional 714 00:36:03,326 --> 00:36:04,500 decisions we make. 715 00:36:05,659 --> 00:36:11,159 Today is our way of saying these neighborhoods matter. 716 00:36:12,777 --> 00:36:14,759 Small businesses matter. 717 00:36:16,139 --> 00:36:20,480 And local government, companies, nonprofit organizations, 718 00:36:20,480 --> 00:36:25,840 and individual community members can all play a part 719 00:36:25,840 --> 00:36:29,487 in helping small businesses thrive when 720 00:36:29,487 --> 00:36:31,739 we spend like it matters. 721 00:36:31,739 --> 00:36:32,400 Thanks so much. 722 00:36:33,619 --> 00:36:37,286 And it's my honor to welcome Beto Yarce from the Office 723 00:36:37,286 --> 00:36:39,079 of Economic Development. 724 00:36:44,400 --> 00:36:49,860 Thank you, Laura. 725 00:36:49,860 --> 00:36:51,400 And hello, everybody. 726 00:36:51,400 --> 00:36:54,860 I'm Beto Yarce, director of the Office of Economic Development. 727 00:36:54,860 --> 00:36:57,742 And I'm especially grateful to lead the office 728 00:36:57,742 --> 00:36:58,998 in this part of time. 729 00:36:58,998 --> 00:37:02,358 As you hear, our economy is at an inflection point. 730 00:37:02,360 --> 00:37:05,001 And I recognize the challenges, but also as 731 00:37:05,001 --> 00:37:08,380 a forever optimistic, I recognize the opportunities. 732 00:37:10,059 --> 00:37:13,445 In my past role as a regional administrator for Region 10 for 733 00:37:13,445 --> 00:37:16,659 Small Business Administration, I have the opportunity to 734 00:37:16,659 --> 00:37:19,739 lead four states, Washington, Idaho, Oregon, and Alaska, 735 00:37:19,739 --> 00:37:23,806 and also share stories with multiple leaders 736 00:37:23,806 --> 00:37:25,518 across the nation. 737 00:37:25,518 --> 00:37:29,500 And I believe that Seattle has a lot of opportunity here, 738 00:37:29,500 --> 00:37:33,179 and I really truly think Seattle is a special place. 739 00:37:33,179 --> 00:37:36,695 The innovation, the economic activity that 740 00:37:36,695 --> 00:37:38,498 we have here, the jobs. 741 00:37:38,498 --> 00:37:41,039 Not every city region has what we have. 742 00:37:42,380 --> 00:37:45,797 And I'm a big believer, as Mayor Wilson and I, 743 00:37:45,797 --> 00:37:49,398 we have conversations that it's an ecosystem. 744 00:37:49,400 --> 00:37:52,378 What is good for small businesses is good for midsize 745 00:37:52,378 --> 00:37:55,599 businesses and the growth, and also the importance of large 746 00:37:55,599 --> 00:37:57,179 business to support that work. 747 00:37:58,277 --> 00:38:00,795 When I talk with small businesses owners that 748 00:38:00,795 --> 00:38:02,980 I have worked with over the last 23 years 749 00:38:02,980 --> 00:38:04,045 of my career. 750 00:38:04,045 --> 00:38:06,849 I come and try it just here that they 751 00:38:06,849 --> 00:38:10,518 are really continue being successful because the 752 00:38:10,518 --> 00:38:13,978 support of all of us but also the mid-sized businesses 753 00:38:13,978 --> 00:38:17,565 that they are leading here, the large businesses that 754 00:38:17,565 --> 00:38:20,880 they decide to stay here because again it's an 755 00:38:20,880 --> 00:38:25,277 ecosystem and as a former small business myself I truly 756 00:38:25,277 --> 00:38:26,387 believe that. 757 00:38:26,387 --> 00:38:28,277 I have that experience when I had my 758 00:38:28,277 --> 00:38:30,039 first store at Pike Place Market. 759 00:38:30,039 --> 00:38:33,838 And I know that many of my supporters were an ecosystem. 760 00:38:33,838 --> 00:38:36,958 It was like large employees that they come and support 761 00:38:36,958 --> 00:38:39,065 me, mid-sized businesses that they decide to 762 00:38:39,065 --> 00:38:42,094 just come here and they support that small business 763 00:38:42,094 --> 00:38:43,739 that I have for 17 years. 764 00:38:43,739 --> 00:38:46,672 And when I talk to major employers, they understand 765 00:38:46,672 --> 00:38:49,059 how much it matters to be a place with small 766 00:38:49,059 --> 00:38:51,833 businesses. As Laura mentioned, they 767 00:38:51,833 --> 00:38:54,922 are starting growing and thriving here, and 768 00:38:54,922 --> 00:38:58,572 they want that experience for their employees because we 769 00:38:58,572 --> 00:39:02,338 want neighborhoods that they are thriving, that they are really 770 00:39:02,338 --> 00:39:04,612 making sure that those employees have a good 771 00:39:04,612 --> 00:39:05,840 experience in our city. 772 00:39:05,840 --> 00:39:07,478 And we are offering it today. 773 00:39:08,938 --> 00:39:12,304 The research that you just heard validates the importance 774 00:39:12,304 --> 00:39:15,643 of diversifying the ecosystem, especially making sure 775 00:39:15,643 --> 00:39:18,909 that we are also scaling businesses here, combining 776 00:39:18,909 --> 00:39:22,018 our strength technologically with our strength 777 00:39:22,018 --> 00:39:23,277 in manufacturing. 778 00:39:23,277 --> 00:39:25,882 Seeing the opportunity before us, my commitment 779 00:39:25,882 --> 00:39:28,358 to the city and the businesses in our community 780 00:39:28,358 --> 00:39:29,878 is to create action. 781 00:39:29,878 --> 00:39:30,639 I'm a doer. 782 00:39:30,639 --> 00:39:33,233 I'm someone who is like I've been an entrepreneur for so many 783 00:39:33,233 --> 00:39:36,110 years, and I want to make sure that we take action. 784 00:39:36,110 --> 00:39:38,219 I have dedicated my career 785 00:39:38,219 --> 00:39:40,713 also to bring people together. 786 00:39:40,713 --> 00:39:43,630 I'm a positive, long-term person, and I also 787 00:39:43,630 --> 00:39:47,179 like to bring people together across different industries, 788 00:39:47,179 --> 00:39:50,581 from nonprofit, government, public, private. 789 00:39:50,581 --> 00:39:52,623 And this is a perfect example 790 00:39:52,623 --> 00:39:55,773 of how public-private investments can happen. 791 00:39:55,773 --> 00:39:58,838 That's why I'm especially excited to work with the 792 00:39:58,838 --> 00:40:01,697 task force who will advise the Office of Economic 793 00:40:01,697 --> 00:40:04,717 Development to strategize informed by these key 794 00:40:04,717 --> 00:40:08,498 findings as well as listening sessions and other reports 795 00:40:08,498 --> 00:40:09,599 and analysis. 796 00:40:09,599 --> 00:40:12,898 I'm forever grateful for your partnership 797 00:40:12,898 --> 00:40:13,539 on that. 798 00:40:13,539 --> 00:40:16,293 I'm going to be very close on making 799 00:40:16,293 --> 00:40:20,039 sure that this task force can deliver and the city is 800 00:40:20,039 --> 00:40:21,603 setting a productive table. 801 00:40:21,603 --> 00:40:24,338 I'm also excited to explore new opportunities for 802 00:40:24,338 --> 00:40:27,414 the city including new ways to think about how we 803 00:40:27,414 --> 00:40:31,090 partner. I'm excited to lead my team at OED as we develop 804 00:40:31,090 --> 00:40:34,338 a strategic plan to build on the importance and 805 00:40:34,338 --> 00:40:38,072 effective continuum of the programs that we offer today 806 00:40:38,072 --> 00:40:40,059 and how this program builds on 807 00:40:41,777 --> 00:40:45,132 I'm so grateful to my amazing team, the things that we do, 808 00:40:45,132 --> 00:40:47,059 from small business navigation 809 00:40:48,318 --> 00:40:51,952 to neighborhood business district, key industries, 810 00:40:51,952 --> 00:40:54,858 community wealth, field and special event 811 00:40:54,858 --> 00:40:57,960 permitting and this report and today's executive order 812 00:40:57,960 --> 00:40:59,277 will only build on that. 813 00:41:00,418 --> 00:41:03,300 One of the reasons I'm so proud to be in public service 814 00:41:03,300 --> 00:41:06,460 is that I care about my community and my city and 815 00:41:06,460 --> 00:41:08,347 I want to make it better. 816 00:41:08,347 --> 00:41:12,503 Working together we will build a more resilient economy 817 00:41:12,503 --> 00:41:15,670 that will work from every resident of our city. 818 00:41:15,670 --> 00:41:17,409 So again, I'm super 819 00:41:17,409 --> 00:41:19,079 excited to take action. 820 00:41:19,079 --> 00:41:22,402 So there is no mistake, the Seattle is really 821 00:41:22,402 --> 00:41:23,838 open for business. 822 00:41:23,838 --> 00:41:25,818 Yes, we want you here. 823 00:41:25,818 --> 00:41:27,559 We want to help you. 824 00:41:27,559 --> 00:41:29,338 We want to make you easier and better. 825 00:41:29,338 --> 00:41:31,693 And that's my commitment as a director of the Office 826 00:41:31,693 --> 00:41:32,900 of Economic Development. 827 00:41:33,918 --> 00:41:37,934 What I believe is time to sign an executive order that we've 828 00:41:37,934 --> 00:41:39,818 just been talking about it. 829 00:41:39,818 --> 00:41:41,239 So that's the time. 830 00:41:41,239 --> 00:41:43,730 So we've been working for the last six months to 831 00:41:43,730 --> 00:41:46,032 get where we are today And I'm so so grateful 832 00:41:46,032 --> 00:41:48,338 again for my team for your leadership Mayor 833 00:41:48,338 --> 00:41:50,706 Wilson for your team and for all of you that 834 00:41:50,706 --> 00:41:55,233 you've been involved in this Executive order task force 835 00:41:55,233 --> 00:41:58,344 that now I want to make sure that we all come here 836 00:41:58,344 --> 00:42:02,059 all those task force members We're going to be signing 837 00:42:02,059 --> 00:42:05,315 the executive order, and thank you so much all 838 00:42:05,315 --> 00:42:07,199 for making the time today. 839 00:42:07,199 --> 00:42:08,619 Okay, here we go. 840 00:42:23,838 --> 00:42:25,239 I'm doing two.