Capitalizing on Washington, DC’s Economic Opportunities
Companies looking to expand their operations will find the talent, funding, and support they need in the DC region.
More than its monuments and museums, Washington, DC, is a global tech hub and a force in innovation, developing cutting-edge research across the life sciences, engineering, and data science sectors. The city is ranked #3 in the U.S. for tech talent by CBRE, with access to an industry-leading workforce of about 260,000. The local innovation ecosystem is supported by top-tier educational institutions like Georgetown University, George Washington University, and Howard University; active venture capital; and opportunities to closely engage with decision-makers shaping the regulatory landscape for new technologies.
Washington, DC, offers several competitive advantages to businesses in the tech and R&D industry clusters. With increased public-private partnerships, investments, and talent development in these sectors, the District is a thriving ecosystem for funding, developing, and bringing new inventions and products to market.
With more than 50 percent of adults in the region holding a bachelor's degree or higher and over 100 colleges and universities within 100 miles, the DC region offers a highly skilled workforce and a robust talent pipeline. The region’s workforce also offers superior concentrations in high-demand tech occupations, with significant specialization in computer and information analysts and research scientists, operations research analysts, and database and network administrators and architects. Its diverse and inclusive workforce has also made it the #2 City for Women in Tech and #1 for Black Entrepreneurs. DC’s growing access to venture capital funding broke records in 2021, with $4.9 billion in funding going to companies across the region.
Major employers in the region have capitalized off these advantages and include Accenture, Amazon, Capital One, CACI International, Consilio, CoStar Group, General Dynamics, MapBox, and Microsoft. Recent expansions in DC include Google’s new 130,000-square-foot downtown lease, Boston Consulting Group’s 98,000-square-foot office, and a 71,100-square-foot lease for TikTok.
Washington, DC, offers several competitive advantages to businesses in the tech and R&D industry clusters. As home to the federal government, Washington, DC, also offers unparalleled proximity to key U.S. government agencies and funders, such as the Department of Health and Human Services, Food and Drug Administration, National Institutes of Health, National Science Foundation, Defense Advanced Research Projects Agency, Biomedical Advanced Research and Development Authority, and National Institute of Standards and Technology.
Locating in DC provides access to several incentives and resources, including the Vitality Fund, a discretionary “closing fund” administered by the DC government to assist businesses in target sectors to relocate, expand, or stay in Washington, DC, and the Creative Open Space and Modernization tax rebate designed to support the growth of large technology companies. To support companies’ workforce development goals, the DC Department of Employment Services offers a variety of services to help employers, including the Work Opportunity Tax Credit, on-the-job training, and apprenticeship programs.
DC provides the right talent, funding, and supportive ecosystem for companies to expand their operations in an innovative and vibrant landscape, and the Washington DC Economic Partnership is available to support businesses on the path to expansion.
For more information on how your company can secure its future in DC, visit wdcep.com or contact Audrey Polk, VP of Corporate Attraction at firstname.lastname@example.org.
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