Bellevue unveils ambitious 2025 economic development plan to boost employment and support small businesses

The Bellevue City Council meeting held on December 10, 2024, focused on significant developments in the city’s economic landscape and the upcoming updates to the city’s economic development plan. The meeting began with a presentation highlighting Bellevue's growth, including an increase in Amazon's workforce to 17,500 employees and the establishment of the Bel Red Arts District Community Alliance. The council noted the flourishing local economy, characterized by new restaurants, retail, and small businesses.

Cameron, a city representative, provided an overview of economic metrics since 2020, emphasizing recovery from the COVID-19 pandemic. Total employment in Bellevue has risen by 3%, while retail sales surged by 16%, marking the city as a leader in per capita sales in the region. However, the commercial office vacancy rate has also increased, currently standing at 24%, with downtown Bellevue at 16% and Eastgate at 41%. Unemployment has seen a slight uptick of 1.5 percentage points from pre-pandemic levels, attributed to recent layoffs.

The council discussed the 2025 economic development plan update, which aims to reinforce Bellevue's status as the second-largest employment hub in Washington. This six-year plan will adapt to the changing economic landscape and incorporate new job growth targets. The plan will focus on the distribution of employment across industries and employer sizes, ensuring that job opportunities are sustainable and provide living wages.

The meeting also addressed the guiding principles for the updated plan, which were informed by extensive community engagement and data benchmarking. Key principles include economic diversification, support for small businesses, and the promotion of the creative economy, which encompasses arts and culture. The council emphasized the importance of strengthening the local workforce to meet future industry demands.

In conclusion, the Bellevue City Council meeting underscored the city’s ongoing economic growth and the strategic planning necessary to navigate future challenges. The council plans to continue engaging with the community and stakeholders to refine the strategies that will shape Bellevue's economic future.