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In 1883, gold and silver were discovered in the Inland Northwest.<ref name =Mining>{{cite book| last = Stratton| first = David H.| coauthors = | title =Spokane and the Inland Empire: An Interior Pacific Northwest Anthology| publisher = Washington State University Press| location = Pullman, WA | date = 2005| pages = 28| isbn = 978-0-87422-277-7}}</ref> The discovery of gold, silver, and lead in the Coeur d'Alene region (which generally encompasses present day [[Stevens County, Washington|Stevens]], [[Ferry County, Washington|Ferry]], and [[Pend Oreille County, Washington|Pend Oreille]] counties and northern Idaho) in the 1880s precipitated a rush of prospectors into the region. Mining emerged as a major stimulus to Spokane and the city served as a popular outfitting and jumping off point for miners. As a regional shipping center, the city furnished supplies to the miners who passed through on their way to mine in the Coeur d’Alene district as well as the Colville and Kootenay districts in subsequent mining booms.<ref name =Mining/> By the mid-1890s, high mining operations were underway in the region.<ref name =SCP>{{cite web| last = Payne| first = Loretta| coauthors = Froyalde, Revelyn| title = Spokane County Profile| publisher = Employment Security Department, Labor Market and Economic Analysis Branch| date = January 2001| url = http://www.wa.gov/esd/lmea/pubs/profiles/spokane.pdf| format = PDF| accessdate = 2008-12-18}}</ref>
In 1883, gold and silver were discovered in the Inland Northwest.<ref name =Mining>{{cite book| last = Stratton| first = David H.| coauthors = | title =Spokane and the Inland Empire: An Interior Pacific Northwest Anthology| publisher = Washington State University Press| location = Pullman, WA | date = 2005| pages = 28| isbn = 978-0-87422-277-7}}</ref> The discovery of gold, silver, and lead in the Coeur d'Alene region (which generally encompasses present day [[Stevens County, Washington|Stevens]], [[Ferry County, Washington|Ferry]], and [[Pend Oreille County, Washington|Pend Oreille]] counties and northern Idaho) in the 1880s precipitated a rush of prospectors into the region. Mining emerged as a major stimulus to Spokane and the city served as a popular outfitting and jumping off point for miners. As a regional shipping center, the city furnished supplies to the miners who passed through on their way to mine in the Coeur d’Alene district as well as the Colville and Kootenay districts in subsequent mining booms.<ref name =Mining/> By the mid-1890s, high mining operations were underway in the region.<ref name =SCP>{{cite web| last = Payne| first = Loretta| coauthors = Froyalde, Revelyn| title = Spokane County Profile| publisher = Employment Security Department, Labor Market and Economic Analysis Branch| date = January 2001| url = http://www.wa.gov/esd/lmea/pubs/profiles/spokane.pdf| format = PDF| accessdate = 2008-12-18}}</ref>


The Spokane area is still considered to be one of the most productive and reformed mining districts in North America.<ref name=Economy>{{cite web | title = Economy| publisher = City of Spokane| url = http://www.spokanecity.org/services/about/spokane/history/economy/| accessdate = 2008-12-13}}</ref> The [[Coeur d'Alene, Idaho|Coeur d’Alene]] district of [[Shoshone County, Idaho|Shoshone County]] (also known as [[Silver Valley]]) in northern Idaho has produced more [[silver]] than any other mining district in the United States, and is historically one of the top three silver districts in the world in total silver produced.<ref>{{cite web| last = Higgs| first = Robert| title = Coasian Contracts in the Coeur d’Alene Mining District| work = Working Paper #52| publisher = The Independent Institute| date = 2004-6-02| url = http://www.independent.org/publications/working_papers/article.asp?id=1337| accessdate = 2009-3-06}}</ref> The district competes with [[Potosi]] in [[Bolivia]] and [[Pachuca]]-[[Real del Monte]] in [[Mexico]] for the title of greatest silver district, each having produced more than a billion troy ounces of silver.
The Spokane area is still considered to be one of the most productive and reformed mining districts in North America.<ref name=Economy>{{cite web | title = Economy| publisher = City of Spokane| url = http://www.spokanecity.org/services/about/spokane/history/economy/| accessdate = 2008-12-13}}</ref><ref name =Productive>{{cite web| last = Higgs| first = Robert| title = Coasian Contracts in the Coeur d’Alene Mining District| work = Working Paper #52| publisher = The Independent Institute| date = 2004-6-02| url = http://www.independent.org/publications/working_papers/article.asp?id=1337| accessdate = 2009-3-06}}</ref> The [[Coeur d'Alene, Idaho|Coeur d’Alene]] district of [[Shoshone County, Idaho|Shoshone County]] (also known as [[Silver Valley]]) in northern Idaho has produced more [[silver]] than any other mining district in the United States, and is historically one of the top three silver districts in the world in total silver produced.<ref name =Productive/> The district competes with [[Potosi]] in [[Bolivia]] and [[Pachuca]]-[[Real del Monte]] in [[Mexico]] for the title of greatest silver district, each having produced more than a billion troy ounces of silver.


==== Spokane Stock Exchange ====
==== Spokane Stock Exchange ====

Revision as of 05:04, 12 March 2009

The economy of Spokane plays a vital role as the hub for the commercial, manufacturing, and transportation center as well as the medical, shopping, and entertainment hub of the 80,000 square miles (210,000 km2) Inland Northwest region. The first permanent European settlement in the Spokane area and Washington state came with the fur trade, with the westward expansion and establishment of the North West Company’s Spokane House in 1810. The Spokane House was the center of the fur trade between the Rockies and the Cascades for 16 years. In the late 1800s, gold and silver were discovered in the Inland Northwest. The Spokane area is considered to be one of the most productive and reformed mining districts in North America. Spokane’s economy has traditionally been natural resource based, however, the city’s economy has diversified to encompass other industries, including the high-tech and biotech sectors.

Economic History

Natural resources have traditionally provided much of the economic activity for the Spokane area, a major center for the timber, agriculture, and mining industries in the region.

Fur trade

At the nexus of the Little Spokane and the Spokane, David Thompson's men built a new fur trading post, which is the first long-term European settlement in Washington state.[1] The fur post also represented the first European business venture in either Washington or Oregon, predating the American built Fort Astoria by one year.[2] This trading post known as the Spokane House was in operation from 1810 to 1826.[3] The Spokane House, which was operated by the British North West Company and, later, the Hudson's Bay Company, was the center of the fur trade between the Rockies and Cascades for 16 years. As the North West Company was absorbed into the Hudson's Bay Company in 1821, the operations at the Spokane House continued until 1825, when they shifted their operations to Fort Colville; afterward the company still remained active in the Spokane region.[1][4]

Mining boom

In 1883, gold and silver were discovered in the Inland Northwest.[5] The discovery of gold, silver, and lead in the Coeur d'Alene region (which generally encompasses present day Stevens, Ferry, and Pend Oreille counties and northern Idaho) in the 1880s precipitated a rush of prospectors into the region. Mining emerged as a major stimulus to Spokane and the city served as a popular outfitting and jumping off point for miners. As a regional shipping center, the city furnished supplies to the miners who passed through on their way to mine in the Coeur d’Alene district as well as the Colville and Kootenay districts in subsequent mining booms.[5] By the mid-1890s, high mining operations were underway in the region.[6]

The Spokane area is still considered to be one of the most productive and reformed mining districts in North America.[7][8] The Coeur d’Alene district of Shoshone County (also known as Silver Valley) in northern Idaho has produced more silver than any other mining district in the United States, and is historically one of the top three silver districts in the world in total silver produced.[8] The district competes with Potosi in Bolivia and Pachuca-Real del Monte in Mexico for the title of greatest silver district, each having produced more than a billion troy ounces of silver.

Spokane Stock Exchange

The Peyton Building was one of the many buildings the Spokane Stock Exchange once occupied

During the mining boom, Spokane had its' own stock exchange, the Spokane Stock Exchange, which began trading mining shares on January 18, 1897.[9] As the railroad and commercial center of the "Inland Empire" and with established corporate headquarters for most of the gold, silver, lead, and zinc mines of the region, it was a natural place for the exchange. The exchange originally consisted of 32 members and listed 37 stocks of mines in southern British Columbia, northern Idaho’s “Silver Valley” in the Coeur d’Alene Mining District, and Northeastern Washington.[9] At its peak of operation, the Spokane Stock Exchange rivaled the mining exchanges of San Francisco, Denver, Salt Lake City, and Toronto. With the Silver Boom of the 1960's, participation in the Spokane Stock Exchange was vast, with more than 100,000 investors from all 50 states and many foreign countries.[9]

Pressure from the Securities Exchange Commission due to new board member, Meyer Blinder's racketeering and securities fraud charges resulted in the remaining members of the board voting to dissolve the exchange. When the Spokane Stock Exchange closed on May 24, 1991, it was the last regional mining exchange in the United States.[9]

Logging, foresty, and agribusiness

The historic Schade Brewery

Just after the turn of the century mining declined and agriculture and logging replaced mining as the primary influence in the economic development of Spokane. The city also became noted for processing and distributing dairy and orchard products and for producing products milled from timber. By the early twentieth century Spokane was primarily a commercial center rather than an industrial center.[10]

Today, a number of companies have located or relocated to the Spokane area, drawn by the easy access to raw materials and lower operating costs, such as cheap hydroelectric power.[11][12] Finished wood products, metal refinery and fabrication, and food processing are among the leaders in manufacturing. The outlying areas are part of an abundant agricultural system, providing a large amount of the nation's apples, peas, hops, pears, asparagus, lentils, soft wheat, and sweet cherries. A number of highly regarded wineries and breweries also operate in the Spokane area.[13][14]

Economy diversification

Foresty and agribusiness continue to be important elements in the local economy, but Spokane's economy has diversified to encompass other industries, including the lucrative high-tech and biotech sectors.[15] Economic development initiatives in Greater Spokane concentrate on six industries: manufacturing, aerospace, health sciences, information technology, clean technology, and digital media.[16] Sizable companies with locations in the Spokane region include Agilent, BluRay Technologies, Cisco, F5 Networks, General Dynamics, Goodrich Corporation, Honeywell, Itron, Kaiser Aluminum, Telect, and Triumph Composite Systems.[16] Spokane's downtown is the site of a 100-block wireless network—one of the largest of its kind in the country, which is seen as symbolic of its dedication to the development of technological opportunities and resources.[17][18]

Regional services

With the arrival of the Northern Pacific Railroad in the late 1800's, Spokane became a transportation hub for the Inland Northwest region.[19] After the arrival of the Northern Pacific, the Union Pacific, Great Northern, and Chicago, Milwaukee, St. Paul and Pacific railroads, Spokane became one of the most important rail centers in the western United States, being the site of four transcontinental railroads.[19][20] Spokane became an important rail and shipping center because of its location between the Rocky Mountains and the Cascade Range and between mining and farming areas.[21][22] As a regional shipping center, the city furnished supplies to the miners who passed through on their way to mine in the Coeur d’Alene as well as the Colville and Kootenay districts.[23]

As the metropolitan center of the Inland Northwest as well as southern British Columbia and Alberta, the city serves as a commercial, manufacturing, transportation, medical, shopping, and entertainment hub.[24][25] The city is also the hub for the service industries, and the wholesale and retail trade center of the 80,000 square miles (210,000 km2) Inland Northwest region.[16] Due in part because Spokane is the largest city between Seattle and Minneapolis and because it lies along the route to many regional attractions, tourism is on the rise in the area.[26] Spokane can be a "base camp" for activities such as river rafting, camping, and other activities in the region.

Head offices

See also: Category:Companies based in Spokane, Washington

Spokane and its' metropolitan area is the headquarters to some notable companies, such as Fortune 1000 company, Potlatch Corporation, which operates as a real estate investment trust (REIT) and owns and manages timberlands located in Arkansas, Idaho, Minnesota, and Oregon,[27] financial services provider, Sterling Financial Corporation,[28] as well as the fast growing genetics company, Signature Genomic Laboratories.[29][30] Also, computer equipment manufacturer, Key Tronic,[31] auto manufacturer, Commuter Cars,[32] gold mining company, Gold Reserve,[33] newspaper publisher, Cowles Publishing Company, and the business arm that administers the People to People Student Ambassador Program, Ambassadors Group,[34] have their head offices in Spokane.

Other company headquarters in the Spokane metropolitan area include the technology companies, Itron and Telect in Liberty Lake, Washington,[35][36] computer game developer, Cyan Worlds in Mead, Washington,[37] and retailer, Mountain Gear in Spokane Valley, Washington.[38]

Leading industries

From 2005 to 2007, the leading industries in Spokane for the employed population 16 years and older were educational services, and health care, and social assistance, 25 percent, and retail trade, 12 percent.Template:GR

Currently, Spokane Public Schools is the largest employer in the city of Spokane.[39] The health care industry is a large and increasingly important industry in Spokane, the city provides specialized care to many patients from the surrounding Inland Northwest and as far north as the Canadian border. According to the US Department of Labor, Bureau of Labor Statistics, Spokane ranked #4 in the country for metropolitan areas with the highest published employment concentrations and wages of this occupation.[40] Other industries include construction and mining, manufacturing, transportation, communication and networking utilities, finance, insurance, real estate, and government.[7] Furthermore, all branches of the U.S. armed forces are represented in Spokane County. The largest military facility in the area is Fairchild Air Force Base.

Economic development

The local and state government are undertaking steps to develop the economy of the Spokane region. At the local level there is The Spokane Area Economic Development Council, which works with businesses to locate and utilize local and state business incentives. The Spokane Neighborhood Economic Development Alliance offers two revolving loans to businesses and nonprofit organizations expanding or creating new jobs in Spokane. Also, advocating for regional economic growth in workforce, industry, manufacturing, public policy, and healthcare is Greater Spokane Incorporated, a joint organization consisting of the former Chamber of Commerce and the former Economic Development Council.[41] At the state level, there are a wide variety of tax incentives exist for businesses operating, expanding, or relocating to Spokane. Industry and area-specific tax incentives are available, as well as loans, bonds, credits, and grants.

See Also

References

  1. ^ a b Oldham, Kit (2003-1-23). "The North West Company establishes Spokane House in 1810". Essay 5099. HistoryLink. Retrieved 2008-12-13. {{cite web}}: Check date values in: |date= (help)
  2. ^ Fargo, Lucile F. (1950). Spokane Story. Columbia University Press. p. 9.
  3. ^ Phillips, James W. (1971). Washington State Place Names. University of Washington Press. p. 135. ISBN 0-295-95158-3.
  4. ^ Meinig, D.W. (1993). The Shaping of America: A Geographical Perspective on 500 Years of History, Volume 2: Continental America, 1800-1867. Yale University Press. p. 69. ISBN 0-300-05658-3.
  5. ^ a b Stratton, David H. (2005). Spokane and the Inland Empire: An Interior Pacific Northwest Anthology. Pullman, WA: Washington State University Press. p. 28. ISBN 978-0-87422-277-7. {{cite book}}: Cite has empty unknown parameter: |coauthors= (help)
  6. ^ Payne, Loretta (January 2001). "Spokane County Profile" (PDF). Employment Security Department, Labor Market and Economic Analysis Branch. Retrieved 2008-12-18. {{cite web}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  7. ^ a b "Economy". City of Spokane. Retrieved 2008-12-13.
  8. ^ a b Higgs, Robert (2004-6-02). "Coasian Contracts in the Coeur d'Alene Mining District". Working Paper #52. The Independent Institute. Retrieved 2009-3-06. {{cite web}}: Check date values in: |accessdate= and |date= (help)
  9. ^ a b c d Arksey, Laura (2009-2-28). "Spokane Stock Exchange". Essay 8883. HistoryLink. Retrieved 2008-12-13. {{cite web}}: Check date values in: |date= (help)
  10. ^ Kensel, W. Hudson. "Inland Empire Mining and the Growth of Spokane, 1883-1905," Pacific Northwestern Quarterly, April 1969.
  11. ^ Tatge, Mark (2007-04-23). "Paradise, Slightly Dry". Best Places. Forbes.com LLC. Retrieved 2009-02-10.
  12. ^ Lydgate, Chris (May 2006). "The Buck Stopped Here". Mansueto Ventures LLC. Retrieved 2009-02-10.
  13. ^ Schmeltzer, Michael (1988). Spokane: The City and The People. American Geographic Publishing. p. 93. ISBN 0-938314-53-X.
  14. ^ "Regional Wineries". Spokane Regional Convention & Visitors Bureau. Retrieved 2008-12-13.
  15. ^ Schmeltzer (1988), pp. 87
  16. ^ a b c "Spokane: Hub of the Inland Northwest" (PDF). Greater Spokane Incorporated. 2008. Retrieved 2008-12-16.
  17. ^ "Spokane, Wash. - Wanted: Technology Companies". Best Places for Entrepreneurs. The McGraw-Hill Companies Inc. 2006. Retrieved 2009-3-04. {{cite web}}: Check date values in: |accessdate= (help)
  18. ^ Riley, Kate (2004-07-24). "New spunk, new mayor spur Inland Empire's capital". The Seattle Times Company. Retrieved 2009-02-04. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  19. ^ a b Stratton (2005), pp. 32
  20. ^ Schmeltzer (1988), pp. 44
  21. ^ Schmeltzer (1988), pp. 41
  22. ^ "Spokane (city)". Microsoft Encarta Online Encyclopedia. Retrieved 2008-12-13.
  23. ^ Stratton (2005), pp. 28
  24. ^ "About Spokane". City of Spokane. Retrieved 2008-12-14.
  25. ^ Meyers, Jessica (2007-7-30). "Should Spokane learn to 'speak Canadian?'". The Spokesman-Review. Retrieved 2008-12-13. {{cite news}}: Check date values in: |date= (help); Italic or bold markup not allowed in: |publisher= (help)
  26. ^ Schmeltzer (1988), pp. 88
  27. ^ "FAQs". Potlatch Corporation. Retrieved 2008-12-13.
  28. ^ "Corporate Profile". Sterling Financial Corporation. Retrieved 2009-3-09. {{cite web}}: Check date values in: |accessdate= (help)
  29. ^ "About Us". Signature Genomic Laboratories, LLC. Retrieved 2009-02-06.
  30. ^ "Company Profile: Signature Genomic Laboratories". Inc. 500-5000: The Fastest-Growing Private Companies in America. Mansueto Ventures LLC. 2008. Retrieved 2009-02-06. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  31. ^ "Contact Us". Key Tronic. Retrieved 2009-02-06.
  32. ^ "Contact us". Commuter Cars Corporation. Retrieved 2009-02-06.
  33. ^ "Company". Gold Reserve, Inc. Retrieved 2009-2-28. {{cite web}}: Check date values in: |accessdate= (help)
  34. ^ "Contact". Ambassadors Group. Retrieved 299-2-27. {{cite web}}: Check date values in: |accessdate= (help)
  35. ^ "About Itron". Itron. Retrieved 2009-01-12.
  36. ^ "Contact Us". Telect, Inc. Retrieved 2009-2-24. {{cite web}}: Check date values in: |accessdate= (help)
  37. ^ "Cyan Worlds Profile". Cyan Worlds, Inc. Retrieved 2009-02-06.
  38. ^ "About Mountain Gear". Mountain Gear, Inc. Retrieved 2009-02-06.
  39. ^ "Visit Our Schools". Spokane Public Schools. Retrieved 2009-1-06. {{cite web}}: Check date values in: |accessdate= (help)
  40. ^ "Healthcare". Greater Spokane, Incorporated. Retrieved 2009-02-10.
  41. ^ "About Us". Greater Spokane Incorporated. Retrieved 2008-12-14.
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