
Billboard of April 1971 courtesy of the Seattle Times newspaper
In the early 1970s the USA suffered through an economic recession, made worse in 1973 when an energy crisis began because of a Middle East oil and gas embargo. In the USA gas prices skyrocketed and it affected air travel, as well, making it more expensive to fly.
In the 1950s and 1960s Seattle’s economy had been very dependent upon the employment levels at Boeing Aircraft. In the 1970s when demand for airplanes fell, Boeing cut employment levels by sixty percent. The economy of all of Seattle was impacted in this era called the “Boeing Bust.”
During the Boeing Bust there were many abandoned houses as people left Seattle to look for work elsewhere. Shearwater in Wedgwood, which was to have been a development of new housing, was abandoned, too. In 1970 the developer, George Apostol, walked away from the project and the holdings reverted to the bank.





