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EVERETT 2044 <br />COMPREHENSIVE PLAN <br /> <br /> <br /> <br /> 6/17/2025 <br />COMPREHENSIVE PLAN <br />ECONOMIC DEVELOPMENT ELEMENT <br /> Page 68 <br />Diversify and Expand the Economy <br />Cities with employment across a wide range of industries are typically better positioned to weather <br />inevitable fluctuations in the global, regional, and local economy. Though all communities suffer job <br />losses and subsequent decreases in tax revenue during economic downturns, more robust, diversified <br />economies can rebound relatively quickly, creating new job opportunities to replace those lost. <br />Expanding and diversifying Everett’s economic base will make it more stable and provide more <br />opportunities for people to live and work in their community. An economy with a wide range of <br />employment options in different sectors offers residents with varying level of skills and education <br />greater opportunities to attain living wage jobs. This goal and its associated policies seek to diversify and <br />grow Everett’s economy in a way that will benefit all its residents. <br />Based on PSRC’s employment projections, by 2050, Everett’s economy will undergo a major <br />transformation, with the FIRE (Finance, Insurance, and Real Estate) & Services sector driving <br />employment growth. The FIRE & Services sector is expected to double, reflecting a shift toward a <br />knowledge-based economy. Retail and education will also see substantial expansion, reinforcing the <br />city’s growing population and workforce development needs. While manufacturing will remain an <br />important industry, its growth will be minimal, highlighting the need for industry diversification. <br />Everett Employment Growth Projection by Sector, LUV-it Model <br /> <br />Source: PSRC LUV-it 2023. Accessed at: https://psrc-psregcncl.hub.arcgis.com/Note(s): <br />1. FIRE sector includes industries in finance, insurance, and real estate <br />2. Services sector includes professional and business services, health and social services, and hospitality <br />and leisure.