DC's stable long-term economy and nimble short-term policy-making
DC is built to last and adapt. It has a stable and diverse economy and a local government that has embraced innovation. DC confronts its growth forecast as a national leader in housing investments, focused on ensuring an inclusive housing policy with options for all residents.
Washington, DC is a global capital with unparalleled proximity to federal policymakers, regulatory agencies, thought leaders, and creative pioneers. DC residents are immersed in a socially diverse atmosphere, residing among Congressional staff, startup founders, and think tank analysts and socializing with federal agency heads, embassy staff, and influencers.
As an ideal place for companies seeking to influence policy and operate in regulated industries, Washington, DC is more than just the seat of the US government; it’s a global capital whose address denotes distinction all over the world. Organizations including the World Bank, the International Monetary Fund, the Organization of American States, the Inter-American Development Bank, and the Carnegie Endowment for International Peace consider DC a focal point for critical international conversations on world economy, global politics, the environment, and peace
The greater Washington region is home to
internationally owned companies and more than
embassies and international cultural centers
Washington, DC has developed a very close relationship with China for over 3 decades and especially in the bast 5 years after the city has extablished the China offices in Beijing and Shanghai. DC has witnessed a growing number of major Chinese investment including Air China and CCTV.
Ning Shao | Chief Executive DC Center China
Stable and Diverse Economy
Supportive DC Government
Washington, DC has a distinct unitary government which serves as a city, county, and state government - unique among cities across the US. The Mayor is its single executive and the 13-member District of Columbia Council serves as a single legislative body, with both working out of the same executive building. Since the District’s governing body does not have multiple layers of bureaucracy, the city is able to be agile in its response to opportunities within city limits and regionally and can quickly move key projects and incentives through the system.
This can help Amazon minimize their time to operations.
The city has steadily increasing revenues, a double-A rating, more than 2 billion dollars in its reserves, and a fully-funded pension. The District’s FY 2016 Comprehensive Annual Financial Report received a clean and unqualified opinion from independent auditors for the 20th consecutive year. In 2016, DC tax revenues surpassed seven billion dollars for the first time in its history. With its healthy financial condition, DC is the envy of many cities and states
A unitary government is more nimble and business friendly.
The District’s financial condition is the envy of other cities and states, with increasing revenues every year, over $2 billion in reserves, and a AA bond rating.
Real estate and housing, DC in 2030
Houseing costs in DC
DC’s housing market was less affected by the great recession than other major metro areas, and has remained relatively stable in the years since. Rent growth over the past few years has been lower than other major cities, despite a growing renter population. Since 2011, sustained production has stabilized increases in rental housing costs even as a near record number of apartments were absorbed this past year.
Over the next five years, new supply is expected to exceed or surpass absorption, reducing pressure on renters and keeping the District affordable. In 2017, over 7,000 new family housing units will be delivered and available, providing many options for new residents.
In the long term
Housing production is strong with over 74,000 housing units in various stages of pre-development, ranging from the last stages immediately prior to permits and construction, to long term projects such as the District’s vision for new neighborhoods in the former Walter Reed Army Medical Center campus, McMillan Sand Filtration Site, and former St. Elizabeths Hospital East Campus.
Affordable housing approach
There may be concerns that a company as significant as Amazon could impact the cost of housing and cause displacement. As a national leader in producing and preserving affordable housing, DC is prepared to proactively address these issues. Over the last 3 years, Mayor Bowser has already funded DC’s Housing Production Trust Fund with $350 million and has committed to at least $100 million more each year. This fund is the largest, dedicated housing trust fund of any city in the country, and much larger than most states. The District recently received the prestigious Urban Land Institute Robert C. Larson Housing Policy Leadership Award, with praise for its multi-pronged approach to tackling housing issues.
This approach includes the establishment of the Housing Production Trust Fund, a Housing Preservation Strike Force, and the development of a streamlined process to dispose of vacant properties. By supporting affordable housing construction and preservation, maintaining existing affordable units, and improving programs to encourage homeownership, current and future DC residents are presented with housing that is available, affordable and sustainable.
DC’s Inclusionary Zoning law is one of the most progressive in the country, preserving mixed-income neighborhoods. New and rehabbed housing developments, including rentals and for sale, must build in affordability by retaining 8-10% of the floor area for affordable units, reserved for low-to-moderate income households selected by lottery.
Over the past year, Washington, DC saw a 10.5% reduction in homelessness and continues to make significant progress towards making homelessness rare, brief, and non-recurring. Government and community organizations are working to end homelessness by 2020, matched with major commitments from local government, including affordable housing financing and expanded service offerings.
Amazon can grow with DC
According to the manager of Big Bus tours, “Every city says they are a city of neighborhoods. But DC gets that right.” DC has over 50 neighborhoods each with their own unique character. DC’s different neighborhoods offer many different housing options – from historic rowhouses and Tudors, to brand-new and updated condos.
Washington, DC is in midst of its most robust population growth spurt since the 1950s. With more than 114,000 new residents added since 2005, DC is more than able to welcome the influx of new workers and residents Amazon would bring. In 2016 the city added over 1,000 net residents a month to its diverse population of 680,000 residents. Among American cities, DC has one of the highest millennial shares of population, second only to neighboring Arlington, Virginia.
More growth is on the horizon. DC is forecasted to continue its streak as the fastest growing jurisdiction in the region, reaching a population of almost one million in 2045. It has over 152 million square feet of of ce, retail, residential, medical, education, and
hotel space in the development pipeline through 2030. 80% of this development will be within half a mile of a Metrorail station, creating an incredibly connected DC in the near future.
Planning for growth means adding affordable and attractive housing options for all types of households. Approximately half of residential development in the city is done through a matter-of-right process without lengthy pre-development approvals. As a result, more than 36,000 units have been built in the city since 2006.