A guide to help you understand the ins and outs of business in Washington
Washington, the most northwestern state in the US, shares its borders with Oregon, Idaho, Canada and the Pacific Ocean. The 18th largest state has the 13th largest population, which is roughly 7.61 million people. While Olympia is the capital, Seattle is the largest city in the state. The GDP in Washington for 2019 was $612,997,000,000.
Key industries in Washington are aerospace, agriculture, clean technology, forest products, IT, life sciences, maritime, military and defense, and tourism. Washington has more than 1,300 aerospace companies, such as Honeywell Aerospace, Orion Industries, SpaceX, Hexcel Corp. and Boeing, helping support the $70 billion industry. The aerospace 130,000 employees in the state have produced over 31,000 aircrafts over the past 100 years.
In 2019, Washington imported $27,484,676 from Qatar. Its top imports are:
Aluminum and articles thereof
Special classification provisions
Plastics and articles thereof
In 2019, Washington exported $2,202,400,758 to Qatar with its top exports being:
Aircraft, spacecraft and parts thereof
Mineral fuel, mineral wax, bitumin substance
Nuclear reactors, boilers, machinery, etc.
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Washington does not have a corporate income tax. It has a Business and Occupation Tax, which is 1.5% of gross receipts. Washington has 12 free trade zones, located in Puget Sound, Longview, Blaine, Aberdeen, Moses Lake, Spokane, and Portland. Furthermore, Washington has 33 incentive programs, with examples such as the Research, Development and Demonstration Program RD&D - Clean Energy Fund (CEF) and the Renewable Energy/Green Incentives.