Mayor Gray Announces District’s Five-Year Economic Development Strategy

Photo by PoPville flickr user sciascia

From a press release:

Mayor Vincent C. Gray and Deputy Mayor for Planning and Economic Development Victor L. Hoskins today announced the delivery of one of the Mayor’s key promises: a Five-Year Economic Development Strategy for the District. The strategy provides a roadmap for creating 100,000 new jobs and attracting $1 billion in new revenue for the District over the next five years.

The Five-Year Economic Development Strategy includes six transformative visions for the D.C. economy:

· Create the most business-friendly economy in the nation;
· Grow the largest technology center on the East Coast;
· Be the nation’s destination of choice;
· End retail leakage;
· Develop a best-in-class global medical center; and
· Become the top North American destination for foreign investors, businesses and tourists.

These visions are tied to 52 specific and achievable initiatives. District businesses and universities will play a central role in working with city government to implement these initiatives.

The Gray Administration has been busy at work since January of 2011 making concerted efforts to chart the course to a better District of Columbia. Notable milestones include:

· Launching $2 billion in long-stalled development projects, creating 4,600 construction and 7,600 temporary jobs;

· Placing more than 5,000 D.C. residents in jobs at 800 companies through creative initiatives like One City ● One Hire;

· Completing master plans for St. Elizabeths and Walter Reed;

· Completing 1,428 units of affordable housing and breaking ground on 1,655 more affordable units;

· Establishing the D.C. China Center in Shanghai to promote international trade and investment; and

· Leveraging a newly created business development team to facilitate economic-development opportunities like the consolidation of LivingSocial’s headquarters in the District, attracting Fortify.vc’s business incubator (The Fort) and launching Hub DC to help local businesses acquire federal contracts.

A Strategy Advisory Group helped develop the Five-Year Economic Development Strategy. Advisory group members included local elected officials, District government agency directors, university presidents, and leading employers in seven target sectors: 1) Federal Government and Federal Government Contractors; 2) Higher Education and Health Care; 3) Hospitality; 4) Professional Services; 5) Real Estate and Construction; 6) Retail; and 7) Technology.

The Five-Year Economic Development Strategy is available to the public on the website of the Office of the Deputy Mayor for Planning and Economic Development.