Washington, DC (PRWEB) November 13, 2012
A recent analysis of the Washington, DC Economic Partnerships (WDCEP/The Partnership) efforts shows that it has positively influenced the Districts economy and contributed to significant job growth. The analysis was designed to measure the impact of the Partnerships 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 Partnerships 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 Partnerships role in retail attraction, but are not familiar with the broader function we play in supporting the Districts 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 Columbias 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 Districts competitiveness, said Victor L. Hoskins is the District of Columbias Deputy Mayor for Planning and Economic Development, Co-Chair of the Washington DC Economic Partnership.