Amazon's 16,000 job cuts hit Seattle hard

Amazon confirmed this week that it is cutting 16,000 jobs, a significant portion of which will affect the Seattle region. Documents reveal that approximately 1,400 positions will be eliminated in Seattle, with an additional 700 jobs lost in the nearby suburb of Bellevue. These recent reductions come after Amazon laid off over 2,000 employees in the area last October.

The tech sector in Seattle continues to face challenges, with other major companies also announcing job cuts. Expedia recently reduced its workforce by 162 employees, and Meta Platforms cut 331 jobs last week. These developments contribute to a growing sentiment of economic stagnation within Seattle's technology industry.

Concerns are mounting among business leaders regarding proposed tax increases on large corporations and wealthy individuals in Washington state, which could further impact the tech economy. Last year alone, Washington state implemented new taxes totaling $9 billion. The Puget Sound Regional Council reported that four Washington counties near Seattle experienced a net loss of nearly 13,000 jobs last year, marking the first instance of negative job creation since 2009, excluding the pandemic year of 2020.