DC Government Launches 5-Year Economic Development Strategy

Washington, DC Mayor Vincent C. Gray and Deputy Mayor Victor L. Hoskins have kicked off the creation of a Five-Year Economic Development Strategy for the District of Columbia.  The Mayor’s office is working with Doug Guthrie, Dean of The George Washington University School of Business, David A. Thomas, Dean of Georgetown University’s McDonough School of Business and a Strategy Advisory Group made up of business and civic leaders in DC to develop a strategy that will meet Mayor Gray’s economic development goals.  To aid in the creation of the Economic Development Strategy, the Leadership has brought on board top MBA students from The George Washington University, Georgetown University, Howard University, and American University to meet with local business leaders and develop potential growth strategies for seven major industry sectors within the District.

The students will be working with industry leaders in each of seven sectors in the District to gather data and formulate a strategy that will best serve residents and business-owners in DC.  The seven sectors will be Federal Government & Contractors; Professional Services; Higher Education & Health Care; Hospitality; Technology; Retail; and Real Estate & Construction.  By employing students from local universities the Mayor’s office is not only strengthening the ties between the local government and these institutions of higher learning, but it is also utilizing the educational resources at these institutions to benefit the DC economy while providing future business leaders an opportunity to make a positive impact on the local economy.

There will be three deliverables due in September 2012 as the outcome of the study: an economic impact model, a public sector strategy and private sector commitments.  The economic impact model will offer a framework for officials when assessing potential economic ventures.  The public sector strategy will consist of an array of proposals the Mayor can implement to help grow the District’s business and employment base.  Finally, the private sector commitments will allow for collaboration between DC businesses and the Mayor’s office to achieve large, challenging goals.

For more information on the Five-Year Economic Development Strategy, click here.