by Julie Coons, Chamber President & CEO
New data suggests that the Washington Region is in dire need of a laser focus on our pressing economic challenges. It reveals that Washington’s economy is hitting a plateau, with signs of long-term growth stalling in recent years. As noted in this chart, in a study conducted by Area Development and Patrick Clapp of Chmura Analytics, Greater Washington’s overall economic strength of 314 indicates the health of our regional economy is dramatically lower than it should be – raising red flags for Regional business and policy leaders. This alarming data sparks many questions and concerns among those invested in, not only the Commonwealth, but Greater Washington as a whole.
While the Greater Washington Region remains a powerhouse for high-demand industries, with new initiatives taking place every day, we need to take steps to reinvigorate our Region’s growth. Creating an ecosystem that markets Greater Washington as a prime location for business investments, as well as a location that supports business development, is what attracts and retains long-term success. Moreover, focusing on cost-accessible housing, a robust workforce, and efficient transportation would greatly increase the likelihood of a positive economic trajectory.
In the data above, Washington’s total economic strength is assessed on several factors including infrastructure development and the Regions’ ability to meet supply and demand needs for workforce opportunities in new and popular industries – highlighting STEM centered employment. The Chmura data indicates that Greater Washington’s growth and success are contingent upon the initiatives we take to supply the skills and labor to our businesses and employers. The Chamber’s advocacy on workforce development in the Region is a top priority, as it targets the leading cause of concern – directly impacting businesses, employees, and clients.
Consistent with the Chamber’s advocacy to advance the growth of our Region, Director of the Center for Regional Analysis at George Mason University Dr. Terry Clower, and professional investor and a long-term voice of innovation in the Region Jonathan Aberman, are coordinating with Regional leaders and experts to unite policymakers and advocates on a range of solutions to address Greater Washington’s challenges. Over the span of this year, Terry, Jonathan, and the Center for Regional Analysis will conduct a series of research studies to identify areas that need to be addressed, as well as a comprehensive range of solutions. Their expertise will shed light on how we can all contribute to our community – to better support efforts to provide businesses and our community with implementable solutions.
If you want to be updated on their research and how you can amplify the identified solutions, please click here to let us know. The Chamber looks forward to working with Terry, Jonathan, and Chamber leaders as we lean into a robust future for our Region.
