Recent Reports Show Greater Washington Leads Major U.S. Metros

Washington, DC – Three recently released reports underscore Greater Washington’s status as the premier place to learn, work, and live. Individually, each ranking highlights the region’s competitive strengths in specific areas. Together, the rankings powerfully demonstrate Greater Washington’s position as a region rich in economic opportunity and a model for stable and sustainable growth.

“These recent rankings confirm that the Greater Washington region provides one of the best environments for students, professionals, and aspiring entrepreneurs,” says Matt S. Erskine, executive director of the Greater Washington Initiative. “It is therefore no surprise that Greater Washington possesses a workforce that is young, creative, highly educated, and highly compensated.”

The American Institute for Economic Research’s College Destination Index (CDI) ranked Greater Washington the nation’s fourth-best metropolitan area for attending college, outranking New York and San Francisco in the number of college students per capita (81 students for every 1,000 residents). AIER evaluated more than 360 metropolitan statistical areas (MSAs) across the United States according to 12 measures in three categories – academic environment, quality of life, and professional opportunities. As AIER states in the study, “The CDI isn’t just for students and their parents” but also for “CEOs to plan their next move.” According to AIER’s study, the Greater Washington MSA ranks:

• First in the percentage of its workforce in the creative class
• First with the nation’s lowest unemployment rate
• Second only to San Francisco in earning potential, outranking New York, Boston, Houston, Atlanta, and Chicago
• Third in entrepreneurial activity as measured by the net increase in total number of business establishments per capita, outranking New York, Chicago, Boston, San Francisco, Atlanta, Seattle, and Houston
• Lower in cost-of-living than New York, Los Angeles, Boston, San Francisco, and San Diego.

Recent graduates in Greater Washington will find themselves in good company. As indicated in the Greater Washington Initiative’s 2009 Regional Report, Greater Washington features the nation’s best educated workforce; forty-seven percent of Greater Washington’s workforce has a bachelor’s degree, and 22 percent has an advanced degree. No other region possesses such a talented workforce.

According to an article written by Matthew Boyle and published in the September 21, 2009 issue of BusinessWeek, Greater Washington is the most attractive region in the country for job seekers. The article cites data and analysis by the US Bureau of Labor Statistics and SimplyHired.com of three million public-and private-sector job postings and the number of job seekers interested in each opening. Greater Washington, with abundant employment opportunities, tied for first place with five job seekers per posting. Greater Washington is described as a haven for “both blue- and white-collar workers.” Greater Washington ranks first in the nation among major metro regions for net new job growth from 1998 to 2008, and is one of only four of the top ten major metro regions to create net new jobs in 2008.

Nielsen Claritas reported that three of the top seven and 16 of the top 50 counties with the highest concentration of the “young and wealthy” are in the Greater Washington region. The report analyzes the number of professionals 25-34 years old who are making over $100,000 annually and finds that Greater Washington leads the nation in this demographic.

“Perhaps it’s the mix of power and possibility, but [Greater] Washington, DC is increasingly drawing in the ‘young and wealthy’… Over the last two decades, the D.C. area has surged in popularity with the young and moneyed,” according to Nielsen Claritas.

Among the report’s top-ranked counties in the Greater Washington region, Loudoun County, Virginia ranks first in the United States, with ten percent of its households in the “young and wealthy” demographic. Arlington County, Virginia is second, and Alexandria City, Virginia comes in seventh. Greater Washington boasts the highest median household income of any major US metro area ($85,824).

“Home to more than 50 colleges and universities, the country’s most-educated workforce, and plentiful job opportunities, it is clear why Greater Washington continues to be an attractive region for the young and upwardly mobile – and for companies seeking that talented workforce,” says Erskine.

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The Greater Washington Initiative (GWI) is the regional marketing and economic development 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.