News & Events

Economic Barometer Newsletter


Spring 2006

Study of Greater Washington's Global Economy Benchmarks Region Against International Metro Areas:
Highlights Trends Since 2000
 This issue features a special report on a new study by GWI, released April 12, that highlights changes since a similar study was conducted in 2000, and benchmarks the combined Greater Washington-Baltimore region to 11 major metro areas in Europe, Asia, South and North America.  This study confirms that Greater Washington is highly competitive when compared to other world markets, and has an increasingly diverse, vibrant international business community.

Greater Washington: International Commerce and Culture includes an analysis of 700 internationally owned companies in the region and a sample of 144 local firms with international operations.
Purchase lists>>  Download the study>>

Key Takeaways
Strong Gross Regional Product – The region’s economy and business environment is among the world’s strongest. The combined Greater Washington-Baltimore area’s Gross Regional Product ($246.8 billion), out-produces regions with much larger populations.   Among the 11 other benchmark international cities, only Tokyo, with 4 times as many people, has a higher GRP ($335.1 billion).

Comparatively low cost of living  –  Greater Washington-Baltimore also has a significantly lower cost of living than other global metro areas, ranking 78th on a 2005 Cost of Living Index. 

Economic impact stable  –  Compared to a previous study conducted in 2000, the total economic impact of international commerce in Greater Washington was $41.4 billion, remaining approximately the same proportion of the regional economy (13%) in 2005 as it was in 2000.

Fewer international sector jobs –  In 2005, the region’s international sector employed about 280,000, a significant decline since 2000.   This decline can be attributed in part to a number of large telecom firms that that have scaled back operations in Greater Washington and a general economic downturn in many European markets.

Trend toward Asia  –  Another significant change since the 2000 study includes a growing number of local companies doing business in China and India. Among the 144 companies sampled, 23% now have operations in China and India. The study also identified 700 internationally owned companies in the region – up 9% from 2000 – with overseas headquarters in 39 countries.

International student population  –  Area colleges and universities hosted about 19,000 international students in 2005, down slightly from 20,000 in 2000. Spending per student averages $35,000 per year, about the same as in 2000.

International student population  –  Outpacing the growth of Los Angeles, New York and San Francisco, foreign-born residents became a larger share of Greater Washington's population – increasing from 11% to 16% – between U.S. Census counts in 1990 and 2000.

How do you say... – 20% of the region's residents speak a language other than English at home, slightly above the national average of 18%.  The top three foreign languages spoken in locals homes are Spanish, Chinese, and Korean.

In addition to the data in this new study, GWI can provide customized information on:

  • Setting up a business in Greater Washington;

  • Industry clusters, office rates, labor rates, venture capital, regional taxes;

  • Best practices on selling to the U.S. Government; and

  • Connecting with key business and political leaders.

Contact GWI for more information.

 

 

The Greater Washington Economic Barometer is a quarterly communication from GWI for business professionals on regional economic trends and news. For more information on the Economic Barometer or to be added to the distribution list, email greaterwashingtoninitiative@bot.org. To opt-out of this list, please reply to this message with UNSUBSCRIBE in the subject line. For regional statistics and news, visit our web site at www.greaterwashington.org. GWI is an affiliate of the Greater Washington Board of Trade.

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Greater Washington Initiative
(202) 857-5999