Report: D.C. area's economy remains strong, despite national slowdown

Washington Business Journal - by Joe Coombs, Senior Staff Reporter

The national economic slowdown that began in 2007 did little to hurt the Washington area's fiscal health, according to a new report issued Wednesday by the Greater Washington Initiative.

The federal government continued to provide strength to the local economy in 2007, spending $62 billion in the region, according to the report. That is up from about $30.5 billion in 2000 and represents an average growth rate of about 10 percent annually, according to GWI, which promotes regional economic development and is an arm of the Greater Washington Board of Trade.

From 1997 to 2007, the Washington area added 721,000 new jobs, the second-highest growth among major metro areas behind New York, the report said. The professional and business services sector is the Washington area's largest industry and accounts for nearly 23 percent of local jobs.

"This report calls attention to our region's story because we are the place for business," said Sam Schreiber, chairman of GWI, in a statement. "Greater Washington's economy is strong, diverse and resilient, our work force is highly-educated and we have the highest median household income in the nation. This is where business thrives."

Source: Washington Business Journal. View Article.

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