DC Economic Strategy

Mayor Bowsers vision is for DC to become the global model for inclusive prosperity and resilience, showcasing how diversity and innovation can drive equitable economic growth. This vision was shaped by conversations that took place in fall 2016 with over 450 stakeholders, including business executives, local entrepreneurs, nonprofit leaders, neighb... orhood residents and many others. Across all of these conversations, near consensus emerged on several topics: DC must grow inclusively and not become a city accessible only to those with wealth and privilege. DCs diversity is a strength that positions us to innovate, but must also be actively preserved and cultivated. DC is in a strong economic position, but we must continue to be proactive and forward-looking to continue our momentum and remain economically vibrant. Two goals guide the economic strategy. We will use the related metrics and align agency performance plans to track progress toward our vision. Grow a vibrant and resilient economy driven by private sector expansion. Specifically, grow the DC private sector economy to $100 billion (by 20%), by the end of 2021. Private sector GDP as of 2Q16 was $83.4 billion. Foster economic prosperity for all Washingtonians by increasing job opportunities and decreasing employment disparities by the end of 2021. Reduce unemployment across wards, races, and educational attainment levels, bringing unemployment levels below 10% in all segments by the end of 2021. This goal translates to the following targets: Reduce unemployment levels of African-American residents. Reduce unemployment levels of high school graduates without a Bachelors degree. Reduce unemployment levels of Wards 7 and 8. Growing the private sector economy by 20% to $100 billion, means that private sector GDP will have to grow at 3.4% annually. 1 For context, while the annual growth rate for DCs private sector GDP from 2Q12-2Q16 was 4.2%, and the annual growth rate for total GDP (public and private sectors) was 3.5%, more recent figures suggest that DC ...Read More