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GWI Kicks Off 2004-2008 Operating Cycle with New Investors and Provides Assistance to Increasing Number of National and International Firms

Washington, DC; January 16, 2004 – Established in 1994 to promote a healthy regional economy, Greater Washington Initiative (GWI) – the area’s regional economic development marketing organization – kicked off its third operating cycle in January, to run from 2004-2008. More than $1.8 million (per year on a five-year basis) has been raised from existing GWI investors to support the organization in its regional business attraction effort. The fundraising campaign is now being expanded to secure new investors. This will help build the budget for business attraction efforts; original, customized research projects; advertising and marketing during the next five years.

“From 1999-2003, our area experienced a major technology boom, saw a challenging period of recession, terrorism threats and economic caution, followed by a gradual economic recovery,” said John M. Derrick, Jr., Chairman, GWI and Chairman, Pepco Holdings Inc. “Local, national and global issues clearly affect business prosperity throughout this entire region. Greater Washington Initiative is the only regional economic development engine dedicated to working with more than 20 individual jurisdictions in Northern Virginia, Suburban Maryland and the District of Columbia. This regional collaboration leads to better business opportunities for us all.”

During the past five years, GWI directly helped 61 companies choose Greater Washington for their business relocation or expansion (companies that sought out GWI services or were identified through GWI outreach). Already in 2004, GWI has helped a company in its national expansion. Curves – a chain of fitness clubs headquartered in Waco, TX – is opening several new franchises in the Greater Washington area, and GWI assisted in the expansions in the Mt. Pleasant area of DC and Hyattsville, MD.

“GWI provided me with regional demographics, real estate data and information I wasn’t able to locate elsewhere,” said Natalie Cooper-Berthe, owner of Curves in Mt. Pleasant and Hyattsville. “Thanks to the business contacts I made through GWI, I feel well equipped to successfully open my business in Greater Washington.”

In addition to directly assisting companies and site selection consultants, GWI also supports the work of the regional economic development organizations through the Area Business Development Officials Committee (ABDOC). In 2002, GWI assisted 25% of 675 relocations and expansions reported by ABDOC. This percentage is up from 16% of 642 in 1998. Over the past several months, significantly more U.S. and international firms are requesting info about the region from GWI, as compared to late 2002. The business development staff is now serving 30% more “prospects” than a year ago by providing customized research, facilitating tours and arranging meetings with partner economic development offices and area business execs.

“In 2002, our region was the only major metro area in the nation with positive job growth. The increase in GWI prospect activity is an indication that the local economy will continue to thrive,” said Thomas G. Morr, Managing Partner, GWI. “While area residents are thankful to see more job creation here than in other parts of the country, we all recognize that the economy is not as robust as we’d like it to be. To continue to prosper, our region’s business and political leaders must continue to work together to promote the region’s unique assets and opportunities.”

Nine newly elected members of GWI’s Board of Trustees join a Board of more than 35 regional business leaders. The new Trustees are:

Bennett Zier, Regional Vice President,
Clear Channel Worldwide

The Honorable Gerry Connolly, Chairman,
Fairfax County Board of Supervisors

Michael Stevens, President, DC Marketing Center; Chair, Area Business Development Officials Committee (ABDOC)

Andrew Ockershausen, Director of Business Development, Comcast SportsNet

Steve Gutterman, Chief Operating Officer,
E*Trade Bank

Jonathan P. Shames, Partner, Mid-Atlantic Area Leader, Ernst & Young LLP

The Honorable Jack Johnson, County Executive, Prince George's County

Debra A. Thomas, District Sales Manager,
United Airlines

William Hanbury, President & CEO,
Washington, DC Convention & Tourism Corporation

The Greater Washington Initiative, formed in 1994, is an affiliate of the Greater Washington Board of Trade. It has completed two, five-year cycles: 1994-1998 and 1999-2003. In March 2003, the Board of Directors of the Board of Trade unanimously voted to extend GWI’s life through 2008. Regional leaders collaborate through their participation in GWI, which is currently funded by private investors and regional economic development jurisdictions. GWI’s budget is comprised of 70% private and 30% public funding.

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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.

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