Washington, DC recently unveiled DC’s Comeback Plan, a tool for setting the district’s economic development goals for the next five years. It centers around making the District of Columbia a place for successful businesses, opportunity-rich neighborhoods, and thriving people, and has already helped at least one high-growth cybersecurity firm double its footprint in downtown DC.
“This is a comeback that is focused on equity. This is about making sure we have the revenues to support our world-class city services, our robust network of social programs, and the resources – like our schools and rec centers – that keep people in DC,” commented Mayor Muriel Bowser. “People stay in and come to Washington, DC because they want to change the world – because they recognize DC as a place where you can bring big ideas to life. Our comeback is about unlocking the full potential of our people, our neighborhoods, and our businesses.”
The plan sets six goals to achieve by 2028:
- Create 35,000 new jobs in high-growth target sectors, which will include increasing apprenticeship programs and filling gaps in training and credentialing;
- Increase the share of minority-owned employer businesses to 33% of all employer businesses;
- Increase access to opportunity for residents and eliminate key amenity gaps (food, housing, and internet) across all neighborhoods;
- Add 15,000 residents to the downtown population by adding seven million square feet of residential units;
- Retain current residents and reach a population of 725,000;
- Increase economic prosperity in DC by lifting the median household income of Black residents by $25,000.
The plan serves as the District’s Comprehensive Economic Development Strategy (CEDS) and will be submitted to the U.S. Department of Commerce’s Economic Development Administration, enabling the district, local nonprofits, and universities to pursue certain types of federal funding.