The Artificial Intelligence “New Economy” and Impact on Jobs, Wealth and Housing
In the Seattle-Bellevue metro, artificial intelligence (AI) is both disrupting regional employment (spurring increased job insecurity and consumer anxiety amongst lower-level IT workers and other white-collar professionals) and also creating extraordinary wealth (for some), which in turn can have powerful effects on real estate demand. It’s been referred to as the “job apocalypse,” but it is also akin to the rediscovery of “fire” for corporate evolution and growth if leveraged properly, which will create a new economy. The Pacific Northwest is a center of innovation and AI adoption with many tech titans headquartered in the region, and many others expanding satellite operations, in part because of favorable taxation and lower cost computing, especially with massive data centers emerging in Eastern Washington, with its land and power (and abundant hydro and solar energy).
