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Greater Washington Forecast: Region to be 50% Minority, Add 319,000 New Jobs by 2012, Says 2007 Regional Report by the Greater Washington Initiative  

Washington , DC – Greater Washington will be 50% minority and add 319,000 more jobs by 2012, according to an economic and demographic forecast to be released June 6 by the Greater Washington Initiative (GWI) at their annual meeting. The forecast is a new feature in the 2007 Regional Report, an annual publication comparing the economy and quality of life of the Washington, DC area to nine major U.S. metro areas.

“This report truly showcases our region’s strengths, such as the nation’s most educated workforce and highest household incomes,” said GWI Chairman Samuel A. Schreiber, Wachovia’s regional president for Greater Washington. “It also spotlights a total of $15 billion invested in seven projects -- including Rail-to-Dulles, the Intercounty Connector, and the new baseball stadium -- that will transform the area over the coming years.”

Top Takeaways from 2007 Regional Report

Forecast to 2012 -- In a partnership with forecasting firm Global Insight, this year’s report includes a window on Greater Washington in 2012:

  • Gross Regional Product will reach nearly $500 billion (up from $359 billion in 2006).
  • 50% of the region’s population will be minority (up from 45%).
  • The median value of existing homes will have appreciated 15% since 2006, reaching $500,000, with new homes dipping 2%.
  • The region will add 319,000 new jobs by 2012.
  • More than 1 million households (42%) will have yearly incomes over $100,000.
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    Still #1 in Key Categories -- Among the nation’s largest metro areas, Greater Washington continues to lead in several categories, including:

  • Median Household Income ($74,600)
  • Educational Attainment: Percentage of adults with BAs (45.9%, including 44% of immigrants)
  • Gross Regional Product Per Capita ($5.9 million)

    • Professional Women in Region Get Top Jobs -- Women are more likely to rise to C-level jobs in Greater Washington than in all other major metro areas in the nation. At 274 top female executives per 100,000 residents, the region is about 11% higher than the next closest metro, San Francisco-San Jose, and far above (45% to 69%) the New York, Chicago, and Los Angeles metro areas.

    Nation’s Fastest Growing Companies -- For the 10th consecutive year, Greater Washington leads the nation with the most firms on the Inc. 500 list of fastest growing companies.

    The Regional Report is available online at www.greaterwashington.org. For additional analysis and insight, visit GWI’s new blog, Regional Biz Blog, which is also accessible via www.greaterwashington.org.

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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 information, visit www.greaterwashington.org .

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