Washington DC, News

About Washington DC

Washington, D.C. has a growing, diversified economy with an increasing percentage of professional and business service jobs. The gross state product of the District in 2007 was $93.8 billion, ranking at number 35 when compared with the fifty states. As of March 2008, the federal government accounted for about 27% of the jobs in Washington, D.C.

Many other businesses such as law firms, independent contractors (both defense and civilian), nonprofit organizations, lobbying firms, national associations of labor and professional groups, catering, and administrative services companies are directly or indirectly sustained by the federal government.

Washington is thought to be relatively immune to downturns in the national economy because the federal government, and those who work with it, continue operations even during economic recessions.

The District serves as an economic anchor to the metropolitan area. Many of the jobs in D.C. are filled by commuters from the Maryland and Virginia suburbs, thereby contributing to the economic growth of both states.

Further, the presence of many major government agencies outside of the District, including the Department of Defense, National Institutes of Health, and the Food and Drug Administration, has led to additional economic development in the D.C. area.

As of March 2008, the Washington Metropolitan Area had an unemployment rate of 3.4%; the lowest rate among the 40 largest metro areas in the nation. It is also significantly lower than the national average unemployment rate of 5.2%.

Washington has growing industry unrelated to government, especially in the areas of education, finance and scientific research. The George Washington University, Georgetown University, Washington Hospital Center, Howard University, and Fannie Mae are the top five non-government-related employers in the city.

There are five Fortune 1000 companies based in Washington, of which two are also Fortune 500 companies. The city has become a leader in global real estate investment, behind London, New York City, and Paris.

In 2006, Expansion Magazine ranked D.C. among the top ten areas in the nation favorable to business expansion. Washington has the third-largest downtown in the United States in terms of commercial office space, directly behind New York City and Chicago.

Other Major Cities:

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