and Renton, so it remains the largest
private employer in the Seattle metropolitan area. Former Seattle Mayor Greg
Nickels announced a desire to spark a new economic boom driven by the
biotechnology industry in 2006. Major redevelopment of the South Lake Union
neighborhood is underway, in an effort to attract new and established biotech
companies to the city, joining biotech companies Corixa (acquired by
GlaxoSmithKline), Immunex (now part of Amgen), Trubion, and ZymoGenetics.
Vulcan Inc., the holding company of billionaire Paul Allen, is behind most of
the development projects in the region. While some see the new development as
an economic boon, others have criticized Nickels and the Seattle City Council
for pandering to Allen's interests at taxpayers' expense. Also in 2006,
Expansion Magazine ranked Seattle
among the top 10 metropolitan areas in the nation for climates favorable to
business expansion. In 2005,
Forbes
ranked Seattle as the most expensive American city for buying a house based on
the local income levels.
Alaska Airlines, operating a hub at
Seattle–Tacoma International Airport, maintains its headquarters in the city of
SeaTac, next to the airport
