Washington, DC (PRWEB) November 13, 2012
A recent analysis of the Washington, DC Economic Partnership’s (WDCEP/The Partnership) efforts shows that it has positively influenced the District’s economy and contributed to significant job growth. The analysis was designed to measure the impact of the Partnership’s business attraction and retention efforts and reveals that the Partnership is responsible for attracting and retaining 7,976 jobs, and the generation of an estimated $1.1 billion in sales revenue, and $53.6 million per year in sales taxes. The Analysis of the Impact of the Washington, DC Economic Partnership’s Efforts on the District of Columbia, was completed in August 2012 by Delta Associates, a national research and forecasting consulting firm.
“Many people are aware of the Partnership’s role in retail attraction, but are not familiar with the broader function we play in supporting the District’s overall economic development agenda, including job creation,” said Keith Sellars, President, The Washington, DC Economic Partnership. Unemployment in the District declined 1.7% from September 2011 to September 2012, according to the recent Jobs Report released by the Labor Department on Friday November 2, 2012. “This is an important study for us and will help to quantify the impact we are having on the community. We are often the first source for businesses, site selectors, and investors seeking market data and intelligence, and our role extends well beyond providing data, and it is not always tangible,” said Sellars.
Delta Associates assessed more than 100 businesses that the Economic Partnership has worked with since 2000. Metrics commonly used to evaluate economic development were reviewed and estimates provided on the number of jobs created at each tenant location (full and part time), place of residence of these employees, and sales and tax revenue generated at each of the business locations. Both new and existing businesses were evaluated including 92 retailers (76 existing), 12 office tenants and one hotel. The study was completed using direct survey, available industry research on employment density by sector, data on commuting patterns, sales productivity by category, and retail sales data.
The Impact Analysis is the first study undertaken to try to determine the effects of the Economic Partnership on local economic development. “The study is very conservative. Our analysis covered just over 100 businesses, primarily national retailers and a mix of commercial tenants. We used real data attained from about 30% of the business we surveyed and industry standards to develop the estimates,” said David Parham, Senior Vice President, Delta Associates. “We think these numbers are a fraction of the total impact that the Partnership has had on the District of Columbia’s economy, and it does not measure things such as change in perception or indirect and tangential benefits on a neighborhood,” said Parham. Delta Associates’ research did not include all of the retailers WDCEP has worked with including notables such as Zara, H & M, and West Elm; those businesses that might have pulled data themselves from the WDCEP website or small and independent business.
“Business attraction is a priority for the District of Columbia, and access to information is part of what is fueling the District’s competitiveness,” said Victor L. Hoskins is the District of Columbia’s Deputy Mayor for Planning and Economic Development, Co-Chair of the Washington DC Economic Partnership. “The Partnership has been instrumental in shaping perception about the District, and the collaboration with strong partners such as those that founded and continue to support the Economic Partnership, is essential for the District to remain competitive and continue to grow its economic base,” said Hoskins.
Over the past several years, The Partnership has focused on improving and expanding its research to include new neighborhoods and business sectors such as technology. The Partnership is also committed to benchmarking its performance and the importance of being agile to more effectively respond to changes in the market and be able to take advantage of new opportunities. “Understanding our performance and the results of our efforts will allow the Partnership to be even more impactful in fostering economic investment and business growth in the District,” said Sellars.
A 501(c)(3) organization, the Washington, DC Economic Partnership promotes business opportunities throughout the District and contributes to business retention and attraction activities.
Delta Associates For over 30 years, Delta Associates has provided commercial real estate research, advisory, and publication services to a broad array of clients throughout the United States. We strive to be the best at what we do…and it shows, from our satisfied, loyal, successful clients to the firms they refer to us. We create and maintain client relationships by providing legendary service. We love what we do and our clients know it.