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2004 Regional Report Documents Region on the Rise: Tourism and Technology Sectors Recover; Area Leads Nation in Job Growth

May 26, 2004; Washington, DC – Reaffirming the strength of the region‘s economy, the Greater Washington Initiative ’s 2004 Regional Report documents positive economic and demographic trends, and compares the region with the nation’s ten most-populated metro areas. Key factors contributing to the region’s rise include recovery in the area’s tourism and technology sectors and increased government spending on homeland security and defense. Released today at GWI ’s Annual Meeting, the Regional Report is available online at the Initiative’s newly reorganized website: www.greaterwashington.org.

The Report notes that with a gain of 20,000 jobs, this region was the nation’s only large metro area to gain jobs in 2003. Furthermore, over the past five years, Greater Washington out-performed all other large metro regions with an increase of 274,100 net new jobs.

New data compares Greater Washington to other major international cities. In addition, the Report takes a unique view of the East Coast, comparing it to the state of California . The East Coast data confirms that the Washington area lies at the center of the nation’s strongest market.

Other facts included the 2004 Regional Report:

Greater Washington ’s Gross Regional Product of $288 billion grew by 23.2% (inflation adjusted) over the past five years, compared to the national growth rate of 14.7%.

Total federal procurement in Greater Washington in 2003 is expected to top $39 billion, an increase over 2002’s total of $ 37.7 billion. The 2003 total represents a 74% increase in the past five years, and a 550% increase over 20 years.

“It’s nice to be the bearer of good news,” notes John M. Derrick Jr., chairman of GWI and chairman, Pepco Holdings, Inc. “The Report’s positive trends reflect strong leadership and confidence of our business and political leaders, as well as their shared vision of Greater Washington as a global economic center.”

The Greater Washington Regional Report 2004 is available online at www.greaterwashington.org; for a printed copy, email greaterwashingtoninitiative@bot.org or call 202-857-5999.

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The Greater Washington Initiative ( GWI ) is the non-profit, regional economic development marketing organization created to promote the Greater Washington region as a premier business location. For more information, visit www.greaterwashington.org. GWI is an affiliate of the Greater Washington Board of Trade (BOT). For more information, visit www.bot.org.

 

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