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Seattle approves new city budget that plugs shortfalls with surplus revenue from business tax

GeekWire

Now the city is using the surplus to help close major gaps in its budget. million from JumpStart revenue to be reallocated to the General Fund in 2022, up to $71.1 ” Seattle already faced operating deficits of $141 million for 2023 and $152 million for 2024 before the budget planning process began this fall. .

Budget 101
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Recent grads working in tech are migrating to Seattle more than any other U.S. city

GeekWire

A new CBRE study detailing talent migration trends found that from February 2022 to February 2023, Seattle led all cities with a 15.2% “in-migration rate” for tech workers with 0-to-3 years of experience. Seattle saw positive net migration for tech and finance talent from both 2021 to 2022 and 2022 to 2023.

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Google Cloud growth slows as Alphabet net income plunges

CIO Business Intelligence

Even though Google Cloud revenue growth showed signs of slowing, it nevertheless provided something of a bright spot as parent company Alphabet — hit hard by the tightening of customer budgets — posted a year-over-year decline in net income for its 2022 fourth quarter. Net income (profit) was $13.6 from the $61.2

.Net 52
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T-Mobile to acquire Mint Mobile for $1.35B and tap into owner Ryan Reynolds’ marketing skills

GeekWire

T-Mobile is acquiring the brands’ sales, marketing, digital, and service operations,  and plans to tap into Mint’s marketing expertise to reach new budget-conscious customers. million postpaid net account additions in 2022, both record highs. owner of the brands Mint Mobile and Ultra Mobile, in a deal worth up to $1.35

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Seattle office market continues to struggle as vacancy rates rise for ninth consecutive quarter

GeekWire

It also marked the ninth straight quarter of negative net office absorption, which is calculated by the total amount of space leased minus the total space vacated in a given quarter. At the same time, the tech downturn that began in 2022 caused many companies to trim expenses and lay off workers, reducing the need for office space.

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‘Baby bond’ legislation aims to address wealth gaps in Washington state

GeekWire

One in ten Washington households have zero or negative net worth, while 36% have a net worth of $500,000 or more, the report found. Household net worth in Washington State and the U.S. 2022 Washington Future Fund Committee Report Chart; U.S. The data reflect longstanding wealth gaps in the U.S.

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Redfin CEO says housing downturn made real estate giant ‘leaner, hungrier and better’

GeekWire

Kelman said the company’s 2023 budgeting assumption predicts 4.3 home sales in 2023, down from roughly 5 million in 2022. Redfin reported a Q1 net loss per share of $0.55, which beat expectations. The segment has grown after the company acquired Bay Equity Loans in April 2022. million existing U.S.