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Greater Washington Has Nation’s Wealthiest Households and Most Educated Workforce, Says 2006 Regional Report by the Greater Washington Initiative
June 7, 2006; Washington , DC – Greater Washington has the nation’s wealthiest households and most educated workforce according the 2006 Regional Report released today by the Greater Washington Initiative (GWI). The annual publication of key economic and demographic figures compares the Washington, DC metropolitan area – including the District of Columbia and neighboring parts of Maryland and Virginia – to nine major metro areas around the nation.
“Greater Washington is super-charged,” says GWI Chairman William Couper, president, Bank of America, Mid-Atlantic. “This year’s Regional Report details our enviable economy and quality of life. The report’s feature story and timeline also demonstrate how Greater Washington has been transformed since 1990 to emerge as a thriving, cosmopolitan region with an economy that has grown nearly 30% since 2000.”
With a median household income of nearly $72,800, Greater Washington leads all major metropolitan regions, including second-ranked San Francisco ($71,200) and third-ranked Boston ($64,000). Related to this high income data, the Report notes the region’s workforce features more “creative class” workers than any other U.S. metro area, and has a comparatively large number of employees at the management level (186,900).
The report points to several indications that Greater Washington has the nation’s most educated workforce, such as the most PhDs per capita and four of the nation’s top five counties for graduate degrees per capita.
The report also documents Greater Washington’s booming job growth. Fueled by record federal spending in recent years, the region added 270,800 jobs between 2000 and 2005, outpacing Miami - the nearest competitor - by nearly 62,000 jobs. Boston, Chicago, New York, and San Francisco all had net losses during that period.
Greater Washington’s largest sector, professional services, added 30,000 jobs in 2005 and is now about twice the size of the region’s federal workforce.
Other facts in the 2006 Regional Report include:
The report is also available online at www.greaterwashington.org. For additional printed copies, email greaterwashingtoninitiative@bot.org or call 202-857-5999.
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The Greater Washington Initiative ( GWI) is the regional economic development marketing organization that assists firms in expanding their businesses in the District of Columbia, Northern Virginia and Suburban Maryland. GWI provides complimentary and confidential client services and research and is an affiliate of the Greater Washington Board of Trade. For more info, visit www.greaterwashington.org
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