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2004: Reporting Conveys an Active Year for GWI, with Increasing Number of National / International Firms Connecting with GWI through Conferences

February 16, 2005; Washington , DC – Greater Washington Initiative (GWI), the area’s economic development marketing organization, has completed a review of its 2004 accomplishments. T o evaluate business development strategies and better understand the origin of its prospects and leads, GWI analysis found that 66% of its 2004 prospects (companies with a clear timeframe for expansion/relocation) were generated through the group’s domestic and international conferences and marketing missions.

Sixteen companies directly assisted by GWI expanded or relocated their operations to the region in 2004, up from 12 firms in 2003. Sixty-two percent of these companies were first identified through GWI’s conferences and missions. Currently, the business development team is actively assisting 156 leads and prospects, of which 84 are new. On average, the time period from first contact to closure is 1.2 years.

In addition to directly assisting companies and site selection consultants, GWI also supports the work of the region’s economic development organizations. In 2003, GWI assisted 25% of 755 relocations and expansions reported by the Area Business Development Officials Committee. This percentage is up from five years ago. GWI assisted 16% of 642 relocations and expansions in 1998.

“The Greater Washington region continues to benefit from rapid growth in federal procurement spending which has now topped an estimated $42 billion per year,” said William Couper, Chairman, Greater Washington Initiative, and President of Bank of America, Greater Washington. “Many of the firms new to the area serve the high-growth government market. If there is a note of caution in our outlook, however, it is that future effort to slow the growth of federal spending may negatively impact the Greater Washington economy. It’s a trend we’ll be watching closely as we continue our business outreach.”

More items on GWI’s 2004 “report card” include:

Business Development

  • Organized and conducted 16 marketing missions to domestic and international markets, often including detailed conferences on “How to do Business with the U.S. Government”.
  • Hosted 31 business delegations to the region, some were focused on industries (from biometrics to IT) and most were visiting from key markets (from Canada to the UK).
  • Submitted 138 proposals to companies, including detailed research and customized info.
  • Organized 22 prospect tours throughout the region working with local economic development organizations.

    • Research

  • Coordinated more than 400 requests for information, ranging from companies requesting data about the quality of area schools to national reporters seeking employment and wage data.
  • Launched a new study of information technology services, media and technology manufacturing in our area, the first study of its type since 2000 to be released in the spring of 2005.
  • Produced the 2004 Regional Report, GWI’s core marketing document. The 2005 issue will include a new feature on the region’s higher education institutions.

    • Marketing/Communications

  • Generated 79 news stories, assisted 48 reporters and conducted two media outreach missions to Silicon Valley and Dallas in conjunction with GWI conferences.
  • Collaborated with Washington Flyer magazine to produce The Business of Government, a publication distributed to 175,000 U.S./international conference attendees and travelers at Reagan National and Washington Dulles Airports.
  • Completed a major website overhaul (www.greaterwashington.org) with improved navigation, updated statistics and a fresh contemporary look that received a record of nearly 3 million hits in 2004.

    • 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. GWI is an affiliate of the Greater Washington Board of Trade. For more info, visit www.greaterwashington.org


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