Economy of the Washington metropolitan area: Difference between revisions
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The [[World Bank]] and [[International Monetary Fund]] (both located in the [[Golden Triangle (Washington, D.C.)|Golden Triangle]]) are key global financial and development institutions whose policies have a dramatic affect on the wealth and development of countries across the world. They use loans and grants to influence foreign countries' level of economic development and financial stability. Other key financial and development institutions include the [[Inter-American Development Bank]] and [[USAID]], the US agency charged with leading the government's [[international development]] portfolio. As a result of this rich concentration of finance and development expertise as well as organizations that influence global development, the Washington region is the global center for the international development sector, serving as the home for key firms, such as [[Chemonics International]]. As a result of the heavy importance the city holds in global finance, in 2023 the [[Global Financial Centres Index]] ranked DC as the 8th most competitive [[financial center]] in the world.<ref name="GFCI">{{cite magazine |last1=Wardle |first1=Mike |last2=Mainelli |first2=Michael |date=28 September 2023 |title=The Global Financial Centres Index 34 |url=https://www.longfinance.net/media/documents/GFCI_34_Report_2022.09.28_v1.0.pdf |location=London |publisher=[[Z/Yen]] |access-date=28 September 2023}}</ref> |
The [[World Bank]] and [[International Monetary Fund]] (both located in the [[Golden Triangle (Washington, D.C.)|Golden Triangle]]) are key global financial and development institutions whose policies have a dramatic affect on the wealth and development of countries across the world. They use loans and grants to influence foreign countries' level of economic development and financial stability. Other key financial and development institutions include the [[Inter-American Development Bank]] and [[USAID]], the US agency charged with leading the government's [[international development]] portfolio. As a result of this rich concentration of finance and development expertise as well as organizations that influence global development, the Washington region is the global center for the international development sector, serving as the home for key firms, such as [[Chemonics International]]. As a result of the heavy importance the city holds in global finance, in 2023 the [[Global Financial Centres Index]] ranked DC as the 8th most competitive [[financial center]] in the world.<ref name="GFCI">{{cite magazine |last1=Wardle |first1=Mike |last2=Mainelli |first2=Michael |date=28 September 2023 |title=The Global Financial Centres Index 34 |url=https://www.longfinance.net/media/documents/GFCI_34_Report_2022.09.28_v1.0.pdf |location=London |publisher=[[Z/Yen]] |access-date=28 September 2023}}</ref> |
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=Research and humanitarianism= |
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Washington is a leading center for both national and international research organizations. The city is known for having a heavy concentration of [[think tank]]s engaged in public policy research, writing, and thinking.<ref>{{cite web|url=https://repository.upenn.edu/cgi/viewcontent.cgi?article=1019&context=think_tanks&emci=9f8b1916-7161-eb11-9889-00155d43c992&emdi=71ad824c-7761-eb11-9889-00155d43c992&ceid=22832|title=2020 Global Go To Think Tank Index Report|last=McGann|first=James|date=January 28, 2021|work=University of Pennsylvania|access-date=February 28, 2022|archive-date=February 28, 2022|archive-url=https://web.archive.org/web/20220228175616/https://repository.upenn.edu/cgi/viewcontent.cgi?article=1019&context=think_tanks&utm_medium=email&emci=9f8b1916-7161-eb11-9889-00155d43c992&emdi=71ad824c-7761-eb11-9889-00155d43c992&ceid=22832|url-status=live}}</ref> As of 2020, 8% of the country's think tanks were headquartered in the city, including many of the largest and most widely cited;<ref>{{cite web |last=Luxner |first=Larry |date=February 5, 2021 |title=DC-based organizations dominate 2020 list of world's top think tanks |url=https://washdiplomat.com/dc-based-organizations-dominate-2020-list-of-worlds-top-think-tanks/#:~:text=Washington%2Dbased%20think%20tanks%20among,for%20American%20Progress%2C%20or%20CAP%20( |url-status=live |archive-url=https://web.archive.org/web/20220228175631/https://washdiplomat.com/dc-based-organizations-dominate-2020-list-of-worlds-top-think-tanks/#:~:text=Washington%2Dbased%20think%20tanks%20among,for%20American%20Progress%2C%20or%20CAP%20( |archive-date=February 28, 2022 |access-date=February 28, 2022 |work=Washington Diplomat}}</ref> these include the [[Carnegie Endowment for International Peace]], [[Center for Strategic and International Studies]], [[Brookings Institution]], [[Atlantic Council]], [[Peterson Institute for International Economics]], [[Heritage Foundation]], [[US Institute of Peace]], and [[Urban Institute]].<ref>[https://guides.library.upenn.edu/c.php?g=1035991&p=7509974 "Public Policy Research Think Tanks 2019"] {{Webarchive|url=https://web.archive.org/web/20221203154727/https://guides.library.upenn.edu/c.php?g=1035991&p=7509974 |date=December 3, 2022 }}, [[University of Pennsylvania]]</ref> DC is also home to important medical and health research organizations. The [[National Institute of Health]] (NIH) is headquartered in [[Bethesda, Maryland]]. Other such organizations include the [[Children's National Hospital]], [[MedStar Washington Hospital Center]], the [[National Foundation for Cancer Research]], and the [[Foundation for Biomedical Research]].<ref>{{cite web |year=2010 |title=Top 200 Chief Executive Officers of the Major Employers in the District of Columbia 2009 |url=http://does.dc.gov/sites/default/files/dc/sites/does/publication/attachments/DOES_Top200.pdf |url-status=live |archive-url=https://web.archive.org/web/20130115081218/http://does.dc.gov/sites/default/files/dc/sites/does/publication/attachments/DOES_Top200.pdf |archive-date=January 15, 2013 |access-date=September 6, 2012 |publisher=D.C. Department of Employment Services}}</ref> |
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D.C. is home to many [[human rights]] and [[humanitarian]] [[non-profit organizations]] that deal with domestic and global issues by doing research, running programs, and conducting public advocacy. Among these organizations include the [[UN Foundation]], [[Human Rights Campaign]], and the [[National Endowment for Democracy]].<ref>{{Cite web |title=Contact Us |url=https://www.ned.org/contact/ |access-date=2024-03-19 |website=NATIONAL ENDOWMENT FOR DEMOCRACY |language=en-US}}</ref> The [[American Red Cross]], a humanitarian agency part of the global [[Red Cross]] community, is also headquartered in the city.<ref>{{Cite web |title=Charity Navigator - Rating for American Red Cross |url=https://www.charitynavigator.org/ein/530196605 |access-date=2024-03-19 |website=www.charitynavigator.org}}</ref> |
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=References= |
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Revision as of 04:00, 31 March 2024
| This article is part of a series on the |
| Economy of the United States |
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The economy of the Washington Metropolitan Area includes the economy of Washington, D.C., and its suburbs, including parts of Maryland, all of Northern Virginia, and Jefferson County, West Virginia. In 2022, the DC Metro Area had the country's fifth-highest Gross Metropolitan Product, at $541 billion.[1] Although the region's economy is highly diverse, its principle industries include the US federal government, tourism, information technology, research, hospitality, news media, and bioscience.
According to Washington's comprehensive annual financial reports, the top DC employers by number of employees in 2022 included Georgetown University, Children's National Medical Center, Washington Hospital Center, George Washington University, American University, Georgetown University Hospital, Booz Allen & Hamilton, Insperity PEO Services, Universal Protection Service, Howard University, Medstar Medical Group, George Washington University Hospital, Catholic University of America, and Sibley Memorial Hospital.[2]
Federal government
As the national capital of the United States, the country's federal government is headquartered in the city, and is therefore a major employer and important economic engine for the broader region. As of July 2022, 25% of people employed in Washington, D.C., were federal government employees.[3] Important federal government agencies and departments are also located in suburban Washington. The Pentagon, which houses the US Department of Defense, is headquartered in Arlington County, Virginia, and the CIA is headquartered in the Langley area of Fairfax County, Virginia. The FBI is planning on moving its headquarters from Downtown Washington to Prince George's County, Maryland.
In addition to people employed directly by the federal government, the region also has many people employed in organizations whose work relies directly on funding from or contracting with the federal government, or in some other way interacts directly with the government. Many lobbying organizations seek to influence US government policy. Similarly, the region has a high concentration of law firms headquartered in the area or with major offices in the region that work with the federal government as well as with other institutions and industries. Historically, K Street was where many of the city's lobbying organizations were located, and is therefore sometimes used as a metonym for lobbying of the US federal government. Among the key lobbying and law firms include Brownstein Hyatt Farber Schreck, Akin Gump Strauss Hauer & Feld, and Holland & Knight.[4]
In addition to important law firms and lobbying organizations, many other organizations rely on the federal government for employment as a result of receiving funding directly from the government or using their work with the government to encourage private donors to support their mission. These include defense contractors, civilian contractors, nonprofit organizations, trade unions, industry trade groups, and professional associations, many of which have their headquarters in the Washington area so they can be close to the federal government.
As of February 2022, the largest U.S. government agencies located in the Washington Metropolitan Area are: the United States Department of Defense headquartered in the Pentagon in Arlington, Virginia, the United States Postal Service, the United States Department of Veterans Affairs, the United States Department of Homeland Security, and the United States Department of Justice.[5]
Defense
The US federal government's demand for military technology has led to the growth of a large defense sector in the region. As a result, many key defense contractors are headquartered in the Washington area. The world's five largest weapons manufacturers are all headquartered in the region: Lockheed Martin is headquartered in Bethesda, Maryland; RTX Corporation is headquartered in Rosslyn, Virginia; Northrop Grumman is headquartered in West Falls Church, Virginia; Boeing is headquartered in Crystal City, Virginia; and General Dynamics is headquartered in Reston, Virginia.[6]
Diplomacy, global finance, and international development
Washington is home to 185 foreign embassies,[7] where many diplomats and ambassadors work. Key diplomatic meetings occur at embassies, as do important cultural activities and performances. D.C. is consequently one of the most culturally diverse cities in the world and hosts a number of internationally themed festivals and events, many of which are done in close collaboration with foreign embassies.[8][9]
In addition to foreign diplomatic missions, the city holds an important role in global finance and international economics. The Federal Reserve ("The Fed"), located along Constitution Avenue, is the United States' central bank. By conducting monetary policy, the members of the Federal Reserve Board impact the value of the US dollar, key interest rates, and the value of currencies around the world.
The World Bank and International Monetary Fund (both located in the Golden Triangle) are key global financial and development institutions whose policies have a dramatic affect on the wealth and development of countries across the world. They use loans and grants to influence foreign countries' level of economic development and financial stability. Other key financial and development institutions include the Inter-American Development Bank and USAID, the US agency charged with leading the government's international development portfolio. As a result of this rich concentration of finance and development expertise as well as organizations that influence global development, the Washington region is the global center for the international development sector, serving as the home for key firms, such as Chemonics International. As a result of the heavy importance the city holds in global finance, in 2023 the Global Financial Centres Index ranked DC as the 8th most competitive financial center in the world.[10]
Research and humanitarianism
Washington is a leading center for both national and international research organizations. The city is known for having a heavy concentration of think tanks engaged in public policy research, writing, and thinking.[11] As of 2020, 8% of the country's think tanks were headquartered in the city, including many of the largest and most widely cited;[12] these include the Carnegie Endowment for International Peace, Center for Strategic and International Studies, Brookings Institution, Atlantic Council, Peterson Institute for International Economics, Heritage Foundation, US Institute of Peace, and Urban Institute.[13] DC is also home to important medical and health research organizations. The National Institute of Health (NIH) is headquartered in Bethesda, Maryland. Other such organizations include the Children's National Hospital, MedStar Washington Hospital Center, the National Foundation for Cancer Research, and the Foundation for Biomedical Research.[14]
D.C. is home to many human rights and humanitarian non-profit organizations that deal with domestic and global issues by doing research, running programs, and conducting public advocacy. Among these organizations include the UN Foundation, Human Rights Campaign, and the National Endowment for Democracy.[15] The American Red Cross, a humanitarian agency part of the global Red Cross community, is also headquartered in the city.[16]
References
- ^ Iman Ghosh (September 24, 2020). "This 3D map shows the U.S. cities with the highest economic output". World Economic Forum. Retrieved March 5, 2023.
The New York metro area dwarfs all other cities for economic output by a large margin.
- ^ "Comprehensive Annual Financial Report 2022 Archived August 6, 2023, at the Wayback Machine". Government of the District of Columbia. January 24, 2023. p. 231.
- ^ "District of Columbia Wage and Salary Employment by Industry and Place of Work" (PDF). District of Columbia Department of Employment Services, Office of Labor Market Research and Information. 2022. Archived from the original (PDF) on 2022-10-22.
- ^ Foster, Joel (December 8, 2023). "Top Lobbying Firms in D.C." Legistorm. Retrieved March 28, 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ Blitzer, Ronn (February 19, 2020). "Top 5 biggest federal agencies". Fox News. Archived from the original on February 28, 2022. Retrieved February 28, 2022.
- ^ "The SIPRI Top 100 arms-producing and military services companies in the world, 2022 | SIPRI". www.sipri.org. Retrieved 2024-03-28.
- ^ "Embassies & Foreign Missions". www.ncpc.gov. Retrieved 2024-03-19.
- ^ International Club of DC
- ^ "WORLD PRIDE DC PROGRAM". issuu. Archived from the original on February 13, 2023. Retrieved February 13, 2023.
- ^ Wardle, Mike; Mainelli, Michael (28 September 2023). "The Global Financial Centres Index 34" (PDF). London: Z/Yen. Retrieved 28 September 2023.
{{cite magazine}}: Cite magazine requires|magazine=(help) - ^ McGann, James (January 28, 2021). "2020 Global Go To Think Tank Index Report". University of Pennsylvania. Archived from the original on February 28, 2022. Retrieved February 28, 2022.
- ^ Luxner, Larry (February 5, 2021). "DC-based organizations dominate 2020 list of world's top think tanks". Washington Diplomat. Archived from the original on February 28, 2022. Retrieved February 28, 2022.
- ^ "Public Policy Research Think Tanks 2019" Archived December 3, 2022, at the Wayback Machine, University of Pennsylvania
- ^ "Top 200 Chief Executive Officers of the Major Employers in the District of Columbia 2009" (PDF). D.C. Department of Employment Services. 2010. Archived (PDF) from the original on January 15, 2013. Retrieved September 6, 2012.
- ^ "Contact Us". NATIONAL ENDOWMENT FOR DEMOCRACY. Retrieved 2024-03-19.
- ^ "Charity Navigator - Rating for American Red Cross". www.charitynavigator.org. Retrieved 2024-03-19.
 | This article needs additional or more specific categories. (March 2024) |