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Mayor Vincent C. Gray and Deputy Mayor Victor L. Hoskins Announce District’s Five-Year Economic Development Strategy

Wednesday, November 14, 2012

Mayor Vincent C. Gray and Deputy Mayor Victor L. Hoskins Announce District’s Five-Year Economic Development Strategy

Strategy Outlines Ambitions to Create 100,000 New Jobs and Attract $1 Billion in Revenue

(WASHINGTON, DC) – 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.

“My vision for the District is to develop a New Economy that is creative, diversified and capable of preparing our residents to compete in the global marketplace – and this strategy will take us well on our way to achieving that goal,” said Mayor Gray. “I want to thank the private-sector leaders, members of our university community and DC government staffers who helped put this strategy together, because it will leave an indelible mark on our economic future.”

The Five-Year Economic Development Strategy includes six transformative visions for the DC 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.

“Less than two years into the Gray Administration we have a bold, comprehensive Five-Year Economic Development Strategy to share with the public and utilize as a handbook to guide our work,” said Deputy Mayor Hoskins. “I am proud to work alongside Mayor Gray with my team and great private-sector partners, especially our local universities, as we move forward with our civic administration efforts under this new cohesive framework.”

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 DC 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 DC 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 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.

“From the time I arrived in Washington, I have been keenly interested in figuring out how our business school could help serve the DC.community and work with the city,” Guthrie said. “Our spirit of engagement and desire to bring about positive change was the impetus to embed our school, faculty and students more deeply in our community and address the economic issues facing society. We are proud to call Washington, DC home, and we are committed to the success of this great city."

The Strategy Advisory Group interviews began in June and were quickly followed by data review in July. Throughout the summer months and early fall, the students sifted through the data and recommendations to pinpoint feasibility and resource needs using the economic-impact model. The group met several times before the report was completed.

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.