Download Mayor Gray’s 5-Year Economic Development Strategy
In November 2012, Mayor Vincent C. Gray and Deputy Mayor for Planning and Economic Development Victor L. Hoskins delivered 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 WDCEP is a key partner in the implementation of the 5-Year Economic Development Strategy focusing on business attraction and retention efforts in the retail and technology sectors.
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 group was overseen by staff from the Office of the Deputy Mayor for Planning and Economic Development, including Deputy Mayor Hoskins and Director of Business Development David Zipper, along with business school deans Doug Guthrie of The George Washington University and David Thomas of Georgetown University and a lead consultant from McKinsey and Company. Graduate students from those schools, Howard University and American University also assisted, and another consultant shepherded the students’ work along with the schools’ academic staff.
The full report of 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.
Five Year Economic Development Strategy Executive Summary