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2005 Regional Report Documents Region’s Multiyear Growth

June 17, 2005; Washington, DC – Key economic and demographic trends documented in the Greater Washington Initiative’s 2005 Regional Report demonstrate a multiyear period of significant growth for the area. The report compares Greater Washington to the nation’s ten most-populated areas, reaffirming the region as a national leader and global economic center.

The report notes that the Gross Regional Product reached $313 billion in 2004, a 30 percent increase since 2000. The region continues to accelerate the rate at which new jobs are added—77,100 in 2004—and significantly outpaces all other major metro areas.

“We’re on a roll,” says William Couper , chairman of Greater Washington Initiative (GWI) and president, Greater Washington, Bank of America. “Thanks in part to a renewed spirit of collaboration and civic pride that is palpable, our community has adapted successfully to dramatic changes, and is now experiencing a period of strong economic growth.”

This year’s report summarizes new development across the region and takes a focused look at higher education in Greater Washington. More than 50 colleges and universities in the region employ 65,000 full-time equivalent employees and teach 328,000 full-time students—nearly as many as the region’s federal workforce. This presence, the report details, generates business-to-campus partnerships that expand educational and business opportunities.

Other facts included in the 2005 Regional Report:
  • The median household income in Greater Washington topped $71,000 in 2004—up 10 percent from 2000.
  • Federal IT spending is expected to increase from $71 billion in 2005 to $92 billion in 2010. In 2003, $26 billion of federal IT contracts went to businesses in Greater Washington.
  • With 40 firms on Inc. 500’s list of fastest growing companies in 2004, Greater Washington has led the nation with the most firms for eight years.
  • The area’s tourism industry is poised to set records in 2005.
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    GWI publishes the Regional Report annually in conjunction with its annual meeting, to be held Monday, June 20, 2005. The report is available online at www.greaterwashington.org. For a printed copy, 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 promotes the area encompassing the District of Columbia, Northern Virginia and Suburban Maryland as a premier business location. GWI is an affiliate of the Greater Washington Board of Trade. For more info, visit www.greaterwashington.org

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    Greater Washington Initiative
    (202) 857-5999