Mayor Bowser Kicks Off DC’s Economic Development Strategy Update

(Washington, DC) – This week, the Bowser Administration convened group, enterprise, and analysis representatives, together with District authorities officers, to kick off the method for updating Washington DC’s financial improvement technique. Spearheaded by the Workplace of the Deputy Mayor for Planning and Financial Growth (DMPED), this effort will produce a brand new technique to information financial improvement efforts for the following 5 years. The method will embody alternatives for broader engagement over the summer season and fall, and stakeholders are inspired to supply enter at comeback.dc.gov.

“As we keep targeted on DC’s comeback, this is a chance to take a step again, have interaction the group, and guarantee our financial technique aligns with our values and targets as a metropolis,” stated Mayor Bowser. “This replace comes at a crucial second – we’re geared up with classes realized from the pandemic, we’re targeted on the way forward for DC’s financial system, and we’re relentlessly dedicated to preserving the legacies of our residents and neighborhoods.”

The brand new technique will substitute DC’s present five-year Financial Technique, which was launched in 2017. The Financial Technique launched in 2017 set two overarching targets – to extend non-public sector GDP to $100 billion and convey unemployment ranges beneath 10% throughout all wards, races, and academic attainment ranges. Regardless of the onset of the COVID-19 pandemic three years into the technique, non-public sector GDP reached $105 billion in 2021, exceeding DC’s aim, and 93 p.c of the advisable initiatives (40 out of 43) have been accomplished. Unemployment throughout the three dimensions was trending downwards previous to the pandemic, however there’s nonetheless work to do to deal with geographic, racial, and socioeconomic disparities. 

“Over the previous two and a half years, DC residents and companies have recognized loss and skilled sacrifice however what has gotten us by all of it has been our resilience,” stated Deputy Mayor John Falcicchio. “With our unquestionable resilience now able to gas our comeback, this new financial technique will propel us past aid and restoration to progress and can enable us to realize a greater regular by making our progress extra equitable.”

The brand new technique will concentrate on how financial improvement efforts can drive tax income, improve the financial mobility of residents, and assist the vitality and competitiveness of companies, taking into consideration the enduring results of the pandemic. It’s going to set up new targets, metrics, and plans for motion and construct on latest work, together with the District’s Complete Plan and the Mobility Motion Plan (MAP), a brand new framework for resident mobility that visualizes how DC residents would possibly reap the benefits of District housing, monetary well-being, and workforce packages to achieve their private and monetary targets. Technique improvement can even learn by associated efforts presently in progress, together with the Construct Again Higher Infrastructure Process Power and Tax Revision Fee. The ultimate plan might be launched in early 2023.

In the end, the plan will function the District’s Complete Financial Growth Technique (CEDS), which might be submitted to the U.S. Financial Growth Administration (EDA). Having an lively CEDS allows nonprofits, universities, and different entities situated throughout the District to use for EDA grants and different assets.

This week’s kickoff session included conversations amongst individuals, a panel dialogue with numerous views, and an interactive information stroll on the strengths of DC’s financial system in addition to challenges going through its continued prosperity. Along with the kickoff occasion, DMPED will maintain engagements within the coming months on matters comparable to the way forward for work, the reimagination of downtown, and the creation of opportunity-rich neighborhoods for residents. 

Group members and enterprise stakeholders are inspired to supply enter at comeback.dc.gov. This web site might be up to date all through the technique improvement course of.

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