A group of Seattle business leaders and local economists released a report today declaring that the intersection of 6th Avenue and Pike Street is definitely, positively, absolutely immune to a recession.
“It has become apparent that Washington State, Greater Puget Sound, the city of Seattle, and even downtown Seattle are not immune to a recession,” the report said, “however, we are confident that the encroaching recession will not affect the intersection of 6th and Pike.”
Anchored by the economic powerhouses of Niketown and American Eagle Outfitters, economists are certain that 6th and Pike will easily avoid the increasing unemployment, stagnant wages, and business failures that have plagued the nation in recent months.
“The economy of 6th and Pike continues to defy the nationwide trend toward recession,” said the report.
Strong economic growth of 2003-2007 has shifted into reverse across the rest of the state and has even breached the stronghold of the greater Seattle area, also once thought to be immune. However, 6th and Pike bucks the trend, with strong growth projected to continue throughout 2008, 2009, and beyond.
“6th and Pike is uniquely positioned to avoid a recession,” said local economist Dick Conway, who contributed to the report. “Nowhere else in the world is conveniently located so close to the convention center, Pike Place Market, and downtown malls while also being a safe distance away from the cesspools of Belltown and Pioneer Square.”
Other portions of Seattle have experienced layoffs and cutbacks, with major employers such as Washington Mutual and Amgen feeling the pain of the impending recession.
“That is not happening at 6th and Pike to any degree whatsoever,” according to the report. “We’re not really seeing any fallout here, nor will we. Ever.”
Although every geographic region in the nation is expected to eventually succumb to recession, local economists agree that due to the combined factors of high desirability and continued demand for the services offered there, 6th and Pike will be able to weather the storm without taking any economic damage.
“At worst, growth at 6th and Pike will slow to a few percent per year,” the report asserted. “But on the whole, the strong fundamentals of this intersection will carry it through these difficult times unscathed.”