New jobs, diverse industry, and low unemployment make Greater Washington a region without peer, according to 2010 Regional Report by the Greater Washington Initiative

Washington, DC – The Greater Washington Initiative (GWI) released the 2010 Regional Report today at its Annual Meeting in Washington, DC, which brought together leaders from the business, higher-education, government, and international community. 

The Regional Report is the Greater Washington 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.

“The 2010 Regional Report calls attention to our region as the premier business location,” said GWI Chair and Greater Washington Board of Trade Chair James W. Dyke, Jr., a partner at McGuireWoods LLP.  “Greater Washington continues to pull away from the rest of the US in terms of business and economic performance. 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.”

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.

“Greater Washington’s economy is increasingly diverse, innovative, globally connected, and strong in key industry sectors,” noted Matt S. Erskine, executive director of the Greater Washington Initiative.  “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 US and is already positioned for the 21st century global economy,” said 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 and fully 25 percent lower than the next closest major region.”

This year’s Regional Report tells the story of Greater Washington as the premier business location in a substantive, accessible fashion, and – new this year – provides spotlight sections for the region’s key industries.

Top Takeaways from 2010 Regional Report:

Economic Strength & Stability

• 5th largest regional economy in the US with a 2009 GRP of $443 billion
• Compounded annual growth rate of GRP over 20 years = 5.3%
• 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% of region’s workforce has a graduate or professional degree; 47% 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% of total region
• 42% of foreign-born has a bachelor’s degree; 20% has a graduate or professional degree — #1 in the US among major metros
• #1 among major metropolitan regions for female executives — 56% higher than national average

Economic Diversity

• #1 in US in growth of Professional & Business Services jobs over last decade
• 23% of region’s jobs in Professional & Business Services; 12% 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 HQ relocations to Greater Washington in last 2 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 US 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

International Business

• Home to more than 1,000 foreign-owned companies, representing more than 50 countries
• #1 US city and #2 global city for real estate investment
• 1.23 million people in the region speak at least one other language in addition to English

Global Connectivity

• More than 580 weekly international non-stop flights serviced nearly 62 million passengers in 2009
• Service to more than 40 world cities connects region to 80% of world’s economy
• The region’s three airports have best on-time arrival performance on East Coast (above 80%)

Federal Government Foundation

• #1 in US 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

Quality of Place & Culture

• 234,000 acres of parkland and more than 800 miles of bikeways — more per capita than Chicago, Los Angeles, New York, and San Francisco
• More than 80 theatre companies; 6 major league sports teams; 15 Smithsonian Museums
• Highest median household income in US — $85,824
• 66th in world in cost of living
• Annual healthcare cost per employee among lowest of any major metro region

The full 2010 Regional Report is available online at www.greaterwashington.org.

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The Greater Washington Initiative (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. For more information, visit www.greaterwashington.org.