The Greater Washington Initiative (GWI) has released its 2010 Regional Report, the region’s signature research publication, which compares the region to major metro areas around the nation and provides current and compelling data on the region’s economy, business landscape and quality of life.
Featuring both quantitative data and qualitative information on the Greater Washington region, the Regional Report serves as the "go-to" resource for individuals and organizations looking to make informed decisions about locating to or expanding in Greater Washington.
GWI is the regional economic development, marketing and research organization that promotes the area encompassing the District of Columbia, Northern Virginia and Suburban Maryland as the premier business location. GWI is an affiliate of the Greater Washington Board of Trade.
"Economy Is Without Peer"
"Greater Washington continues to pull away from the rest of the U.S. in terms of business and economic performance,” says GWI Chair James W. Dyke, Jr. “Greater Washington’s economy is without peer – strong, diverse, and resilient. In fact, the region has created more than 270,000 jobs since 2000, and of that total, nearly 118,000 in the professional and business services sector,"
"Greater Washington’s economy is increasingly diverse, innovative, globally connected and strong in key industry sectors," said "During challenging economic times, it becomes clear which regions in the US have prepared themselves to weather the storm and continue to grow stronger than ever."
"Greater Washington has remained one of the best-performing economies in the U.S. and is already positioned for the 21st century global economy,” says GWI Executive Director Matt Erskine. “In fact, from January to April 2010, private sector employment in Greater Washington increased by nearly 35,000 jobs. Furthermore, Greater Washington’s unemployment rate is the lowest of any major metropolitan region in the country."
Highlights from the Report
Economic Strength & Stability
5th largest regional economy in the U.S. with a 2009 GRP of $443 billion
Compounded annual growth rate of GRP over 20 years = 5.3 percent
Gained more than 270,000 jobs since 2000 — the 2nd greatest number of any metropolitan region in the country
Unemployment rate consistently below national average
Knowledge Production & Attraction
21 percent of region’s workforce has a graduate or professional degree; 47 percent has a bachelor’s degree — #1 in the nation
Home to 6 of the top 10 counties in the nation with the highest percentage per capita of college degrees (bachelor’s and higher)
Universities represent the world’s most innovative disciplines — nationally ranked graduate business programs; renowned engineering departments; prestigious law schools
Workforce Diversity
Foreign-born population represents 20.3 percent of total region
42 percent of foreign-born has a bachelor’s degree; 20 percent has a graduate or professional degree — #1 in the US among major metros
#1 among major metropolitan regions for female executives — 56 percent higher than national average
Economic Diversity
#1 in the U.S. in growth of Professional & Business Services jobs over last decade
23 percent of region’s jobs in Professional & Business Services; 12 percent Education & Health Services
Growing Financial, Education, and Healthcare industries
Serious About Business
Home to 18 Fortune 500 company headquarters representing $308 billion in annual revenues
5 major corporate headquarters relocations to Greater Washington in last two years
Strong in Aerospace, Defense, Security, and Intelligence; Information and Communication Technology; Biotechnology and Life Sciences; Healthcare; and Hospitality
Innovation & Entrepreneurship
48 Inc. 500 fastest-growing companies — #1 region in the U.S. for 13 consecutive years
$541 million of venture capital invested in regional companies in 2009
Research & development expenditures among local universities and colleges exceeded $3.5 billion in 2008
Federal Government Foundation
#1 in the U.S. in federal procurement — more than Texas or California
Federal procurement of goods and services in Greater Washington = $75.6 billion in FY 2009
Overall federal spending in Greater Washington (including salaries & entitlements) reached $166 billion in 2008
The full 2010 Regional Report is available online at www.greaterwashington.org.
Stephen Johnson is Director, Corporate Communications, for HireStrategy. HireStrategy provides contract staffing services, direct hire search, and executive search solutions in the technology, finance & accounting, sales & marketing, human resources and administrative professions. HireStrategy, an Inc. 5000 company, is ranked by The Washington Business Journal as the top staffing firm in the Washington DC region, and recognized by Washingtonian Magazine as one of Washington's "Great Places to Work."
