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Human Capital Report: Greater Washington Has Nation’s
Highest Concentration of “Knowledge Workers”
March 26, 2007; Washington , DC – A major report from the Greater Washington Initiative to be released Monday examines Greater Washington’s “knowledge workers” – people who use, analyze, and develop ideas and information in their daily tasks at work. The report reveals that the region encompassing DC, Northern Virginia and Suburban Maryland has 1.1 million knowledge workers – the nation’s highest concentration among all metropolitan areas with more than 1 million people.
The study, titled “Human Capital: Greater Washington’s Knowledge Workers,” reveals several dimensions of the region’s knowledge workforce (what do they do, where do they work, how much do they make) and compares the region to five other key metropolitan areas: New York, Boston, Chicago, LA, and the combined San Francisco-San Jose metropolitan area. It also shows how the knowledge workforce has changed since 1999 and makes conservative projections about the size of the knowledge workforce in 2014. Nearly all of the professions (99.9%) included in the study require a college degree.
“Clearly, these workers and their skills drive regional economies, so we are very fortunate to be a national leader in the number of knowledge workers. From this study and other analysis, we know that those regions with a concentration of knowledge workers are best poised for future growth,” said Tim Priest, executive director, Greater Washington Initiative.
Top takeaways include:
1.3 million by 2014: The region’s knowledge workforce, which grew nearly 20% between 1999 and 2005, is expected to grow 16.1% by 2014, reaching 1.3 million workers.
Epicenter for professional services: The number of people providing professional services – the region’s largest talent pool – is expected to continue growing well ahead of the national average, reaching nearly a half-million people by 2014.
More business and finance than legal professionals: Within professional services, the region’s largest category of knowledge workers, there are 100,000 (or 2.65 times) more people providing business and financial services than legal services in Greater Washington.
A healthcare gap: A shortage of healthcare workers is the principal weakness for Greater Washington’s knowledge economy, though the number of healthcare workers in the region is expected to grow nearly 18% by 2014.
About the Study
The study is divided into 18 chapters (each on a professional category, i.e. legal services) and organized into 5 sections (Education and Research; Healthcare; Information Technology; Media, Arts and Design; Professional Services). Media may request individual sections and/or the entire study.
Beginning Monday, the study will be online at www.greaterwashington.org. The executive summary is free; individual sections are available for $100 and the full study for $295.
The study will be rolled out with a series of events -- including a CEO Forum moderated by Richard Florida -- to discuss key findings and their influence on the region’s business environment. Dates for the events are below, and more information on the events will be online at www.greaterwashington.org.
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The Greater Washington Board of Trade is the region’s largest network of business leaders and the only organization representing all industry sectors. Members join the Board of Trade to grow their business and help build a better community. For more information, visit www.bot.org.
The Greater Washington Initiative ( GWI) is the regional research and economic development marketing organization that assists firms in expanding their businesses in the District of Columbia, Northern Virginia and Suburban Maryland. GWI provides complimentary and confidential client services and research and is an affiliate of the Greater Washington Board of Trade. For more info, visit www.greaterwashington.org.
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