The District of Columbia is often referred to as a ‘company town’ due to the fact that its economy is primarily dominated by the major company in residence, the Federal government.
Government employment accounts for more than 36% of all employment in the area.
While not everyone living and working in the Washington D.C. area is directly employed by the Federal government, most of the employment in the area is related in some way to the government.
Washington Employment – Economic Outlook
Economic conditions in the Washington D.C. area continue to be strong, primarily fueled by increases in Federal spending. The job growth rate has remained so strong, the city ranked in the top 20 metro areas for increases in job growth.
The job growth in the D.C. metro area has continued to exceed the overall national job growth rates, with increases seen in the fields of health, education and tourism.
Throughout the next five years the following industries …
- Network systems
- Data communications
- Computer software engineers
- Database administrators
- Post Secondary teachers
… are expected to be among the fastest growing within the metro area.
Washington Employment – Major Employees
The largest employers in the D.C. area include Multilateral Investment, who employs more than 80,000 people and George Washington University, with more than 10,000 employees. Other large employers in the area include the Federal Bureau of Investigation, Georgetown University, the Smithsonian Institute and Washington Hospital.
Large private employers in the D.C. area include the Carlyle Group, Marriott and XM Satellite Radio. The Carlyle Group is a global private equity investment firm.
One of the fastest growing companies in the Washington D.C. area is Intellimar, Inc. The firm touts itself as a ‘one-stop shop’ for physical security solutions, providing the design, construction and installation of everything from guard booths to blast resistant doors and windows.
InPhonic is another fast growing company located in the Washington. D.C area. The firm deals in cell phones and cell phone service plans.
Washington Employment – Career Prospects
Unlike other major cities, the Washington D.C. area, seems immune to the cyclical natures of the economy and has not been as affected by corporate downsizing like other cities. With Federal spending backing up other strong industries in the D.C. area such as technology and hospitality, the city has maintained a strong economy and employment outlook.
While only 1/3 of the employment in the D.C. area is directly tied to the Federal government, many experts have concluded that the stabilizing force in the Washington area is in fact; the government.
Washing Employment Facts
This includes the sizable number of federal contractors located in the Washington D.C. area as well as various nonprofit organizations, law and lobbying firms, as well as other firms and organizations who receive the majority of their business from the government.
The technology industry in Washington D.C., for example, draws about 1/3 of its revenue from Federal contracts.
Following government employment, the technology industry, international business, hospitality/service industry and the building industry are the mainstays of the D.C. economy.