Seattle is enjoying one of the biggest booms in its history.

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The year is almost over and it’s time to take stock and not only of 2015.

We are more than halfway through the decade. While decades can be arbitrary things, not necessarily twined with the larger narrative, the “teens” have been distinguished by the long slog out of the worst downturn since the Great Depression.

Many people are still suffering from lost jobs, homes and household wealth. On the other hand, a small cohort has profited handsomely from the bull market and their investments. Or from their skills in a narrow range of jobs, especially coding.

Income inequality is the widest it has stood in decades, and the middle class has shrunk. More people have fallen out of the middle class than have climbed up, continuing a trend that began in 2000. Studies have validated the worries shown in polls, where people wonder if their children will do as well as they did in achieving “the American Dream.”

To be sure, the “teens” saw a big improvement in job creation and economic stability compared with the frightening end of the 2000s. The Northwest has recovered fairly well, including hard-hit Oregon, although resource-dependent rural areas still struggle.

Also, widening inequality is a concern in all advanced nations.

But this is not the dream “new economy” we were promised at the end of the 20th century.

And yet, Seattle is enjoying one of the biggest booms in its history. From the cityscape to wages, startups and the prosperity of its most important companies, most important economic metrics are strong for the city and metropolitan area.

Seattle is on the right side of a sharp divergence between winner and loser metros that began in the 1980s.

The former regions are strong in the head waters of technology and large headquarters of major corporations. They have vibrant downtowns and walkable urban neighborhoods. And in this recovery, they have vacuumed up most of the investment, including from China, chasing yields in areas such as commercial real estate.

For Seattle, a diversified economy, history of reinvention and proximity to Asia are also cornerstones of competitiveness. A stealth advantage has also emerged: Seattle is cheaper than Silicon Valley but offers the amenities that the most coveted technology workers and entrepreneurs crave.

All these factors have solidified during the decade. Newcomers, and they have been abundant, don’t even recall the anxiety when Washington Mutual became the nation’s largest banking failure and even Microsoft was forced to lay off workers. How could they, seeing the cranes on the skyline and Amazon’s enormous urban campus?

Some unknowns at the beginning of 2015 have turned out well. Seattle and Tacoma set aside historic enmity to form the Northwest Seaport Alliance, the better to increase regional market share. Satya Nadella finishes his second year as Microsoft chief executive with continued good reviews. This will not be another “lost decade” for one of the region’s most important companies.

But let’s not kid ourselves. The world slowdown is being felt here. According to WiserTrade’s tally, Washington’s October year-to-date exports of nearly $72 billion were $2 billion shy of the same period last year. We will be straining to reach 2014’s record of $90.5 billion.

Interestingly, October’s annualized $15.8 billion in exports to China was slightly ahead of the same period last year despite slowing Chinese growth. The visit here of President Xi Jinping in September was surrounded by smiles for a reason.

Also, one of our most important high-tech companies remains the same as in decades past: Boeing. Without Boeing, the Puget Sound region would lose one of the few intense manufacturing clusters left in the United States and the value of Washington exports would be cut by more than half.

Seattle is a boom and bust town. Older residents can remember at least four big upswings, sometimes followed by sharp falls.

This expansion has revealed numerous fissures that have become more apparent as the decade has progressed.

The very prosperity that Seattle enjoys makes the inequality more stark, especially given the city’s liberal sensibility. Most jobs created since the recession pay less than those that were lost and low-wage jobs are abundant here. The step-up to a $15-an-hour minimum wage will help but it can’t substitute for the missing jobs in the middle that were once the way up.

The “teens” will also be remembered when the city lost much of its authenticity and variety, given to it by beloved local shops and handsome low-rise commercial buildings and three-story apartments.

Seattle mid-decade is more boringly homogenized, a loss that matters not only for nostalgia. Unique local funkiness attracts talent, solidifies neighborhoods and arguably gooses creativity. When local touchstones such as Group Health are gobbled up by outside giants, the economic losses are profound.

The boom has also called many chickens home, not least among them Seattle’s habit of repeatedly shooting itself in the foot on transit and then reloading. At some point, companies and workers look at other attractive cities that also have good transit (Boston) or are aggressively building onto already decent systems (Denver, Salt Lake City).

If I had a wish for Santa, it would be that one of our billionaires endowed a new university in the city. The UW, good as it is, is our lone big higher-ed engine when we compete against places that have many.

But remember this boom. It will be one to tell the grandchildren.