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Seattle approves new city budget that plugs shortfalls with surplus revenue from business tax

GeekWire

Now the city is using the surplus to help close major gaps in its budget. million in 2023, and up to $84 million in 2024, if necessary. ” Seattle already faced operating deficits of $141 million for 2023 and $152 million for 2024 before the budget planning process began this fall. . Impact of industry layoffs.

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Google Cloud growth slows as Alphabet net income plunges

CIO Business Intelligence

Even though Google Cloud revenue growth showed signs of slowing, it nevertheless provided something of a bright spot as parent company Alphabet — hit hard by the tightening of customer budgets — posted a year-over-year decline in net income for its 2022 fourth quarter. Net income (profit) was $13.6 billion, up just 1% from $75.3

.Net 52
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Recent grads working in tech are migrating to Seattle more than any other U.S. city

GeekWire

A new CBRE study detailing talent migration trends found that from February 2022 to February 2023, Seattle led all cities with a 15.2% “in-migration rate” for tech workers with 0-to-3 years of experience. Seattle saw positive net migration for tech and finance talent from both 2021 to 2022 and 2022 to 2023.

.Net 126
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Seattle lawmakers axe funds for gunshot detection tech that was part of mayor’s public safety push

GeekWire

billion city budget for 2023 will not include funds sought by Mayor Bruce Harrell for gunshot detection technology. The Atlanta Police Department announced last week that it was passing on the technology after a six-month trial because it doesn’t haven’t room in its budget for the system. ShotSpotter Photo).

Budget 123
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Seattle office market continues to struggle as vacancy rates rise for ninth consecutive quarter

GeekWire

at the end of 2023, the ninth consecutive quarterly increase. It also marked the ninth straight quarter of negative net office absorption, which is calculated by the total amount of space leased minus the total space vacated in a given quarter.

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Biotech industry leaders share cautious optimism for 2023 amid downturn and layoffs

GeekWire

“There is still a sense of optimism in the life science community here in Washington as we head into 2023,” said Kate Nelson , vice president of life sciences for commercial banking at J.P. Everyone is budgeting 50% longer to raise their rounds,” said Canestaro. Morgan in Seattle. Sonoma Photo). Phase Photo).

Industry 112
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Amazon stock rises, then drops after beating Q1 estimates with $127.4B in revenue

GeekWire

Net income was $0.31 He added that consumers are “still looking to stretch their budgets further” and are focused on value. Better than feared and stabilization in a choppy macro is the tech theme — Dan Ives (@DivesTech) April 27, 2023 Here’s a breakdown of Amazon’s financials for the first quarter.