Economy - Flavor

– Jackie Mustard photo.

Emerging Sectors

Historically, the Inland Northwest's economy was dependent on natural resources, such as timber, mining, and agriculture. While those still play an important role, the region now boasts emerging and growing economic drivers such as health care, technology, aerospace, manufacturing, and energy.

Today, regional services include health care, which encompasses several major hospitals and many specialists, a variety of public and private universities, the concentration of financial and business-service industries, and the concentration of state and federal agencies. Manufacturing also flourishes due to the nexus of the Bonneville Dam power generation, rail systems, and the interstate highway system.

Health Care

Medical occupations top the list of fastest-growing jobs in Spokane County and North Idaho, report the Washington state Employment Security Department and the Idaho Department of Labor.

The building of a new health sciences building and expansion of medical education at the Riverpoint Campus will add to that growth.

"Beyond Spokane's being a regional center for health care, we're going to be expanding the number of primary care providers to accommodate health-care reform," says Keith Baldwin, CEO of the Spokane County Medical Society.
Integration will be key.

"Spokane is the region's health care hub and continues to evolve to meet community needs," says Tom Fritz, CEO of Inland Northwest Health Services." By collaborating with education, research, workforce development and advanced technologies, our health care industry will continue to improve care for patients."

One unique feature of this region's health-care industry is the interdisciplinary approach to medical training, where future doctors, nurses, pharmacists, therapists, and others take some courses together.

The Spokane area hosts more than 90 different medical training programs.
In the future "integrated systems will deliver health care in ways that will result in higher quality care at lower cost and with more highly satisfied patients," says Dr. Brad Pope, of Group Health Cooperative.

Says Baldwin, "We're right on the cusp of this whole movement."

Technology

Spokane native John Overby, president and CEO of the startup FlyBack Energy Inc., has witnessed the growth of the high-tech sector, from the 1960s.

The 1970s through 1990s saw the launch of Key Tronic, Itron, Overby's startup Advanced Input Devices, Telect, Packet Engines, and others.

"Where you're seeing the growth now is in companies like ours, in energy because it's hot … the new frontier," Overby says. FlyBack supplies energy-saving equipment for lighting, motor, and renewable energy applications.
Energy-related companies are starting to cluster, and as the sector grows, the easier it will be to attract highly qualified employees.

In the next decade, Overby predicts the energy sector will continue to grow and companies here will have a global reach. FlyBack, for example, has been talking with potential customers in China.

To help connect the varied businesses within the energy sector, Greater Spokane Incorporated launched the Consortium of Leading Energy Efficiency Northwest, or Cleen | NW, a business group that works to create awareness and opportunities in the clean energy and energy efficiency sectors.

Retail

The region also is a retail trade destination, anchored by the River Park Square mall, and suburban malls like NorthTown, the Spokane Valley Mall, and the Northpointe shopping district. In Coeur d'Alene, the Silver Lake Mall and big-box retailers and small shops line U.S. 95.

Major retailers like the Apple store and The North Face, as well as the expanded Spokane Convention Center and venues like the Fox, Bing Crosby, INB Performing Arts Center, Spokane Civic Theatre, and the Spokane Veterans Memorial Arena attract thousands of people downtown each year.

Small Business

Small businesses make up the backbone of the region's employer profile. The majority of Spokane County's businesses employ less than 50 people, Employment Security says.

Says Architect Ron Wells, "The future may be less dominated by big projects and more dominated by small and entrepreneurial projects and businesses and small buildings."

Overby believes the Spokane-Coeur d'Alene area is a great place to start a high-tech business because of its tax structure and quality of life, and it is a great place to raise families.

"You don't have the hassles of the big cities," he says. "The people that come here and live here never want to leave."