The DC Area: On a Slow But Sure Path towards a Diversified Economy

The DC Area: On a Slow But Sure Path towards a Diversified Economy

Washington, the nation's capital, is slowly rebranding itself as a great business destination. The same city that is closely identified to the Federal Government is now trying to attract entrepreneurs to set up shop in the city. The city known for the White House, the Washington Monument and the Lincoln Memorial now wants to be known for commerce and industry.

In an effort to diversify its economy, Washington and surrounding communities are inviting businesses to establish or expand their presence in the city. Although the DC area is already home to several Fortune 500 and Fortune 1000 companies, the Federal Government remains to be single largest economic entity in the region. Much of the city's workforce and businesses are either directly or indirectly dealing with activities of the Federal Government.

So far, the efforts of local officials to invite businesses to the DC area are paying off. In 2006, a business magazine considered the DC area as one of the top ten locations within the United States that are favorable for business expansion. Slowly but surely, private enterprises that are engaged in areas such as science and engineering, biotechnology, research and media are setting up shop in the region and have become steady contributors to the growth of its economy.

The influx of businesses in the DC area has caused an increased in the demand for office space. For example, demand for Fairfax VA office space has been on all-time high as businesses pour into this particular Washington suburb. The same story can be said about office spaces in other areas of Northern Virginia, Southern Maryland and the District of Columbia itself.

In response to the increase in demand for the likes of Fairfax VA office space from businesses, real estate developers are making urgent but great responses. New office buildings and commercial complexes are being developed all throughout the DC area. Old, dilapidated inner city communities, particularly in Washington, are being renewed to make them ideal locations for businesses.

Things such as high demand for Fairfax VA office space by private enterprises and the establishment of businesses that are unrelated to government activity were once unheard of in the DC area. As new realities slowly sink in, Washington and the rest of the DC area are assured of one thing: A diversified economy will work well for people of Washington on the near future.

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