United States – Greater Washington Region Represented by: The Greater Washington Initiative (GWI)

As the fourth-largest metro area in the United States, the economy of the Greater Washington Region encompasses the District of Columbia, Northern Virginia and Suburban Maryland. It is situated along the East Coast of the United States. More information

Economy

The Greater Washington Region is the fourth-largest regional economy in the United States, with a Gross Regional Product of nearly $288 billion in 2003.  It has a diverse private-sector economy, with strong information technology, bioscience, international business, professional services, and tourism sectors. The region also has the largest concentration of trade associations in the U.S., with more than 5,367 associations.
 
The presence of the United States Federal Government distinguishes the Greater Washington Region from all other U.S. metro areas and provides an enormous dynamic that fuels the regional economy.  Federal procurement for local goods and services reached $39 billion in 2003, a 13 percent increase over 2002.  With the Federal Government being the largest single consumer of technology and services in the world, Greater Washington Region information technology companies are direct beneficiaries of this spending. The region is considered an ideal location for firms looking to gain global exposure and access to federal policy makers.  Many firms find it very advantageous to have key federal agencies such as the United States Patent and Trademark Office, the United States Food and Drug Administration, the National Institute of Health, the Federal Communications Commission, among others, nearby.  

As a center of world power, the Greater Washington Region has strong influence on the international economy. One hundred and seventy embassies are located in the Nation’s Capital.  Global financial institutions of the world such as the World Bank, International Monetary Fund and Inter-American Development Bank are also headquartered here.  

Foreign Investment

The total impact of international business activity on Greater Washington Region’s economy is estimated at $34 billion annually. This represents 14 percent of the gross regional product, directly and indirectly generating 330,000 jobs and a total of $12.3 billion in wages.  There are more than 600 foreign-owned firms operating in the Greater Washington Region from 34 countries.  Japanese companies account for the largest number of foreign-owned firms, the United Kingdom ranks second, followed by other European countries .

Population

With the region’s population projected to increase from 5.9 million to 6.3 million by 2008, Greater Washington is poised to maintain its vibrant economy. And with a Gross Regional Product of $313 billion, Greater Washington’s economy grew by 19.6% (inflation adjusted) in the past five years, compared to the national growth rate of just 14.5%. One of the largest areas in the United States, the Greater Washington Region is ranked fourth in the nation behind Los Angeles, New York, and Chicago.

Contact Information:

Greater Washington Initiative
1725 I Street, N.W. , Suite 200
Washington , DC 20006
Tel. (202) 857-5999