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Washington, DC Economic Partnerships's Economic and Fiscal Impact Study

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The Washington, DC Economic Partnership's Economic and Fiscal Impact Study, was completed in September 2014, by Delta Associates, a third-party, national research and forecasting consulting firm. The report provides a detailed overview of WDCEP’s positive impact on Washington, DC’s economy including building leases, job growth, and sales tax generation since its inception in 2000.

The analysis was designed to measure the impact of the WDCEP’s business attraction and retention efforts, revealing that the organization is responsible for attracting and retaining 13,032 jobs, contributing $86.3 million annual in sales tax revenue, and the generation of 4.6 million square feet of new leases and development transactions. This is the second time the WDCEP has hired Delta Associates to produce this report.

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Washington, DC Economic Partnerships's Economic and Fiscal Impact Study

  1. 1. 13,032   Attraction & Retention $86.3/ Sales Tax Generated by 2018 4.6 Square Feet of New Leases Economic & Fiscal Impact Study 13,032 JOBS CREATED IN THE DISTRICT The 234 employers assisted by the WDCEP since 2000 will have 6,746 full-time jobs and 4,235 part-time jobs when all locations have opened by 2018. Existing retailers represent 7,434 jobs in 174 locations, with an estimate of 3,546 jobs to be added in 41 retail locations that are under construction or planned, including large format retailers such as Whole Foods, Lowe’s, Walmart, and Harris Teeter. The WDCEP has assisted 18 office tenants that have an estimated 1,961 employees and one hotel that employs 91 workers. District residents are expected to hold 60% of the total 13,032 jobs added by 2018. 4.6 MILLION SQUARE FEET OF NEW LEASES AND COMMITMENTS Businesses that have received WDCEP guidance have already leased 3.4 million square feet in office buildings, shopping centers, and mixed-use projects. An additional 1.2 million square feet of leases and development deals are expected by WDCEP assisted businesses that are scheduled to open by 2018. The 215 retail tenants assisted by the WDCEP represent about 3.7 million square feet of space—this is a larger floor area than is contained in any super-regional mall in the Washington metropolitan area. A recent analysis of the Washington, DC Economic Partnership’s (WDCEP) 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 WDCEP’s business attraction and retention efforts and reveals that the WDCEP is responsible for attracting and retaining 13,032 jobs, contributing $86.3 million annually in sales taxes revenue, and the generation of 4.6 million square feet of new leases and development transactions. The Analysis of the Impact of the Washington, DC Economic Partnership’s Efforts on the District of Columbia was completed in September 2014 by Delta Associates, a national research and forecasting consulting firm. 40% 60% Non-DC Residents DC Residents Opened Businesses (2000–8/2014): 9,479 Expected to open by 2018: 3,553 Opened Businesses (2000–8/2014): 3,424,672 Expected to open by 2018: 1,189,401 2000-2014 www.wdcep.com
  2. 2. The estimated annual sales tax includes $63.6 million generated by 174 existing retail tenants and $22.7 million that will be generated by 41 stores that are under construction or planned. As a point of comparison, in terms of retail sales revenue, the WDCEP has been responsible for attracting the equivalent of Tyson’s Corner Center, the largest super-regional mall in the Washington metro area, to DC. Study Methodology 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), floor area in square feet of leases (or commitments) at each tenant location, place of residence of employees, and sales and tax revenue generated at each of the business locations. Both new and existing businesses were evaluated including 215 retailers (174 existing), 18 office tenants (17 existing), 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 Washington, DC Economic Partnership (WDCEP) has been a leader in advancing the District of Columbia’s economic development agenda for the past 14 years. Created by the DC Government as a public-private partnership in 2001, the WDCEP’s mission is to facilitate economic development throughout the District through business retention and attraction activities. The WDCEP supports business retention programs and leads targeted initiatives to attract new business to DC through corporate recruitment programs, providing market intelligence to investors, educating businesses on resources and real estate opportunities, and convening public officials and private industry leaders to move deals forward. Learn more at www.wdcep.com. Business Attraction Facilitating meetings with key decision makers to move deals forward Business Development Educating businesses on incentives or resources available A Leader in Advancing the District of Columbia’s Economic Development Agenda ©  Washington, DC Economic Partnership Economic & Fiscal Impact Study Opened Businesses (2000–8/2014): $63.6M Expected to open by 2018: $22.7M 2000-2014 WDCEP 3.7M $1,860M Tysons Corner Center 2.2M $1,843M Fair Oaks Mall 1.6M $968M Westfield- Montgomery Mall 1.2M $734M FLOOR AREA (SF) ANNUAL SALES Fashion Center at Pentagon City 0.8M $780M Tysons Galleria 0.8M $778M Market Tools & Resources Providing key economic development information and/or market intelligence Site Location Assistance Educating businesses on real estate opportunities in the District and informing DC officials on the real estate requirements of potential prospects WDCEP-Assisted Retail Tenants Compared to Select Super-Regional Malls www.wdcep.com $86.3 MILLION SALES TAXES PER YEAR FOR DC

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