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Measuring Economic Development Success

dcogcadmin | August 28, 2009

As this Washington Business Journal story (subscription only) notes, the District of Columbia is taking stock of its economic development strategy in light of the economic downturn and resulting real estate hurdles.  The article points out that the office of the deputy mayor for planning and economic development is "filled with real estate project managers and does not set targets for or measure the number of jobs it creates."  Focusing on real estate development may have been sufficient when the city was experiencing a building boom; however, given declining prospects for land development projects, it may be time to refocus the department on job creation and retent

As this Washington Business Journal story (subscription only) notes, the District of Columbia is taking stock of its economic development strategy in light of the economic downturn and resulting real estate hurdles.  The article points out that the office of the deputy mayor for planning and economic development is "filled with real estate project managers and does not set targets for or measure the number of jobs it creates."  Focusing on real estate development may have been sufficient when the city was experiencing a building boom; however, given declining prospects for land development projects, it may be time to refocus the department on job creation and retention.  A recent McKinsey & Co. report emphasizes the potential for D.C. to capitalize on jobs in the sectors that the federal government is focusing on, including the environment, finance and health care.  In any event, setting goals for and recording jobs created would add to the public’s understanding of the value they receive for tax dollars spent on economic development.