Washington Dc Economy

Washington, D.C. has a growing economy that is also diversifying with a decreasing percentage of federal government jobs over the current and next decade and an increasing percentage of professional and business service jobs over the same period.[20] With five Fortune 1000 companies (two of which are also Fortune 500 companies)[21], and a large support infrastructure of professional services, including law, public relations, and architecture, Washington, D.C. is one of the Gamma World Cities.[22] Washington, D.C. is also a leading city for global real estate investment, behind London, New York City, and Paris.[23].[24]

As of 2002, the federal government accounts for 27% of Washington, D.C.'s jobs.[25] The presence of many major government agencies, including the Department of Defense, National Institutes of Health, and the Food and Drug Administration, has led to business development both in the District itself as well as in the National Capital Region of Maryland and northern Virginia. These businesses include federal contractors (defense and civilian), numerous nonprofit organizations, law firms and lobbying firms, catering and administrative services companies, and several other industries that are sustained by the economic presence of the federal government. This arrangement makes the Washington economy virtually recession-proof relative to the rest of the country, because the federal government will still operate no matter the state of the general economy, and it often grows during recessions.

The gross state product of the District in 2006 was $87.664 billion, ranking it #35 when compared with the fifty states.[26] In 2006, Expansion Magazine ranked DC among the top 10 metropolitan areas in the nation for climates favorable to business expansion.[27] In terms of commercial office space, Washington, D.C. has the 3rd largest downtown in America, only behind New York City and Chicago respectively.[citation needed]

Of non-government employers, Washington, D.C.'s major universities and hospitals are among the top employers with the George Washington University, Georgetown University and Washington Hospital Center as the top three. Howard University and Fannie Mae round out the top five employers in Washington, D.C.[28]

Washington is also a global media center. Most major news outlets have bureaus in the city and Washington is home to Black Entertainment Television, C-SPAN, National Public Radio, the Washington Post Company and XM Satellite Radio. Washington's unique scenery makes it a popular location for film and television production.

Washington, D.C.'s financial regulatory environment is adapting and becoming more competitive as a jurisdiction for Captive insurance companies and financial institutions to locate and do business. This increasingly popular form of alternative insurance allows large corporations and industry associations to create independent insurance companies to insure their own risks. Since 2001, Washington, D.C.'s Department of Insurance, Securities and Banking has licensed over 70 companies, including captive insurance companies owned by the American Society of Association Executives, General Motors, and the Port Authority of New York and New Jersey.[29]As of 2006, Washington, D.C. is the world's fifteenth-largest domicile for captive insurance companies, according to the Insurance Information Institute.[30]

Unemployment in the District of Columbia, ranging from 1.5% in Upper Northwest to 16.3% in Ward 8, reflects economic disparity that exists across the city.