Rising Creativity Spurs the District’s Economy

No one now questions that the District is in the midst of a renaissance. New residences are being created from Brightwood to H Street, NE, while new office buildings are rising from NoMA to Anacostia.

The demand for more shopping alternatives is unlike anything we have seen in recent years. Yet, it is possible that we do not realize the underlying dynamics of this new economic vitality. The momentum behind the development boom may actually be a response to a broader measure of the District’s economic vigor—the Creative Economy.

According to Dr. Richard Florida, author of The Rise of the Creative Class, communities with a high degree of diversity attract young, educated and creative people that contribute directly to economic growth. He ranks the Washington Metropolitan Area first among metros of one million or more in the percentage of Creative Class population. Who constitutes this Creative Class and why does it matter?

The Creative Economy may be measured in part by the number of theaters and performing arts venues that have opened over the past five years, as well as the number of arts festivals across the city. Another indicator is the number of local and independent business enterprises that have not only opened, but in many cases have expanded to multiple locations across the neighborhoods of the District of Columbia. And perhaps it may be best exemplified by the number of young, educated and highly motivated people behind the technological innovations and new enterprises driving economic growth.

On Tuesday, October 17, Dr. Florida will present the keynote address at the Washington, DC Economic Partnership’s Annual Meeting and Development Showcase at the Washington, DC Convention Center. We invite you and your colleagues to join us for a stimulating overview of the Creative Class and its impact on the economy of the District of Columbia. To learn more about the Annual Meeting and to register, click here or call 202.661.8670.