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Economic Development Strategy

   

Mayor Jim Ferrell proposed a two-year Economic Development Strategy to guide the City's efforts to accelerate and sustain business growth over the next two years. The proposed strategy, entitled "Some Assembly Required" was Federal Way's first economic development strategy since incorporation in 1990.  Click on the link below to view the document.

                                                                                                              Some Assembly Required - Final
 

The Strategy is a vital component of the City’s efforts to make Federal Way the premier city in the Puget Sound Region for business and families. Federal Way already enjoys many qualities that make it an excellent community to locate in. Federal Way is a vibrant and dynamic part of the Puget Sound region.  It is the 11th largest city in the state and the fifth largest city in King County.

Federal Way is home to a diverse economic base of businesses.  It was recently ranked as one of the fastest growing cities in the nation according to the website Wallet Hub. Federal Way’s commitment to business is matched by a great quality of life that includes excellent schools, low crime rates and wonderful recreational facilities.

The Economic Development Strategy –“Some Assembly Required,” builds on these strengths and focuses on creating and retaining businesses and jobs through a cost-effective and practical approach that will maximize economic return to the city and the community. As the strategy works to foster economic growth, it will enhance the tax base. Additionally, City services can be leveraged to further address our City’s quality of life and further investments toward our community’s economic vitality.

The phrase line “Some Assembly Required,” captures the spirit that Economic Development is the responsibility of Federal Way’s citizens, business people, elected officials, city staff and regional partners. In order to have a strong economy we must include an economic development perspective in all that we do, and be willing to work together through planning, design, finance and construction of projects along with attraction, retention and expansion of businesses and jobs

The Economic Development Strategy is intended not only as guide map for the City’s economic development efforts, but also as a beginning for the community conversation about how we can work together to realize our shared goal of a strong, diversified and sustainable Federal Way economy.