Partnership Spotlight: Washington, DC, Economic Development Projects

Washington, DC, Economic Development Projects: Public-Private Partnerships

The Five-Year Economic Development Strategy for the District of Columbia has sought to build on the District’s unique intellectual capital. Four local graduate schools of business collaborated to conduct the analysis that drove the strategy. Led by a coalition of the District’s business, academic and government leaders, select teams of MBA candidates conducted in-depth interviews with business and civic leaders across seven economic sectors. The data, insights and ideas collected during the course of those interviews were synthesized into strategic initiatives, many of which have been analyzed for economic impact using a new Economic Impact Model, a business analysis tool that allows the District to evaluate and prioritize competing projects.

Findings from research and stakeholder interviews confirmed the need to grow and diversify the District’s economy while preparing the workforce for new employment opportunities. These two guiding principles build on the goals set forth in “One City Action Plan,” Mayor Gray’s visionary program to create a prosperous, equitable and sustainable District. Growing and diversifying the economy, along with preparing the workforce, became the strategic drivers that led to the creation of six bold visions for DC:

  1. Establish the most business-friendly economy in the nation
  2. Create the largest technology center on the East Coast
  3. Become the nation’s destination of choice
  4. End retail leakage
  5. Build a best-in-class global medical center
  6. Become the top North American destination for foreign investors, businesses and tourists