The stock market crash of October 1929 signaled the start of what became known as the Great Depression. Falling stock values helped undermine consumer confidence and business investment, leading to a sharp economic decline that spread from the United States to other countries and continued for nearly three and a half years. Not until the spring of 1933 did the American economy begin to recover.
Washington experienced the crisis in ways that were somewhat different than other states. The economy had been highly dependent on extractive industries, especially forest products. A government report explained that the economy of the region "largely resembles that of a colonial possession, exporting raw and semifinished materials" while importing "most of the common manufactured articles."[1] Forest products, agriculture, fishing, and mining accounted for most of the state's exports and many of its jobs on the eve of the Depression, but the state's cities, where most of the population lived, also produced jobs based on trade, commerce, small manufacturing, and professional services.
The stock market crash of October 1929 signaled the start of what became known as the Great Depression. Falling stock values helped undermine consumer confidence and business investment, leading to a sharp economic decline that spread from the United States to other countries and continued for nearly three and a half years. Not until the spring of 1933 did the American economy begin to recover.
Washington experienced the crisis in ways that were somewhat different than other states. The economy had been highly dependent on extractive industries, especially forest products. A government report explained that the economy of the region "largely resembles that of a colonial possession, exporting raw and semifinished materials" while importing "most of the common manufactured articles."[1] Forest products, agriculture, fishing, and mining accounted for most of the state's exports and many of its jobs on the eve of the Depression, but the state's cities, where most of the population lived, also produced jobs based on trade, commerce, small manufacturing, and professional services.
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