 Based on per capita income, Steilacoom ranks 61st of 522 areas ranked in the state of Washington.The origin of the name "Steilacoom" is unclear.According to the Legacy Washington program, the town’s name is derived from a Native American word meaning “little pink flower.” Another possibility is that it was named by fur traders with the Hudson's Bay Company (HBC) and is an adaptation of "Tail-a-Koom," the name of a Native American chief.