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Washington DC is the nation’s capitol. It attracts companies from around the United States who want to do business with the federal government. Many of these companies contract business with the federal government and employ thousands of people. It also has thousands of federal employees who work in downtown DC. The job market currently employs approximately three million workers and is expected to continue adding new jobs in the future. The population in DC grew by 2.7% in the past year and is expected to have continued growth. In 2011 the DC market has been ranked the number one United States retail Investment market, the number one in Quality of Life and the number two global real estate investment market. These accolades acknowledge the overall strength and resilience of the DC economy. The strength of the DC economy also provides stability in challenging economic downturns as we are experiencing today.
The primary criterion in locating a business is proximity to clients. As discussed above DC attracts a highly skilled workforce from a wide range of professions for employment. This population demands many services to fit their high living standards. The population will demand better housing, upscale retail establishments, and fine dining. The advantages of locating a business near such a wealthy population provide great opportunities for the future success of that enterprise.
Washington DC is also an international city. Countries from around the world have their foreign embassies located in Washington DC. In addition, Washington DC attracts thousands of visitors from around the world to visit the city’s historic landmarks and museums. Many businesses feel that having a DC address will give them a leg up over competitors from other jurisdictions or regions around the United States in large part because they become associated with the city’s international reputation.
The DC public transportation is also highly efficient and allows millions of trips in a year. The rail network is the second largest in the United States and the bus network is the fifth largest.