Bellevue-based Hebert Research, Inc. an international market research firm just released its current economic impact case study for the proposed Walmarts in the City of Bellevue. Main impacts: more jobs and more money flowing in our local economy. Go Walmart! We’d love to see you in the Eastside Business Directory.
Preface: It should be noted that this is a very convervative estimate. It does not include the value and impact of construction for the two sites, nor does it include management and part time workers.
The new Walmart stores will have an immediate direct impact on the economy by creating jobs.
Walmart projects that the two new stores will combine to employ a total of approximately 220
people. This new employment will cause more money to flow through the economy, creating an even stronger impact that can be estimated using IMPLAN economic modeling.
By employing approximately 60% of its workforce as full‐time, or about 132* employees working at an average wage of $12.79 per hour, an estimated of $3,511,622 per year in wages will be paid to local consumers. The majority ($3,450,010) of this money will be spent in the local market. This will create an indirect effect of $1,328,446 per year from inter‐industry purchases stimulated by the increased consumer demand. This additional money in the economy will cause increased household income and associated increases in spending, creating an induced effect of a further $1,210,125 million per year.
In total, the jobs created by the Bellevue Walmarts will add an estimated $5,988,581 per year to the local economy.
Walmart’s two new Bellevue locations will also have additional impacts on the local economy. Indirect effects will create 8 more jobs, and induced effects will employ another 9 people. This amounts to another 17 jobs.
Combined with the direct employment of workers at Walmart, the two new Walmart stores will create a total of 149 jobs in the Bellevue area, a significant step forward in otherwise harsh economic times.
The data for this study came from several sources.
1. Washington State Departments of Employment Security, Revenue, and The Washington State Auditor
2. Neilsen Claritas
3. U.S. Census Bureau
4. Walmart Corporation (for square footage of facilities, number of employees, and retail offerings)