BID Report: Optimistic Assessment of Georgetown’s Economy
The Georgetown Business Improvement District released the second edition of the State of Georgetown Report 2014 at its annual membership meeting June 10 at Pinstripes.
As a part of the Georgetown 2028 plan, which was released last year, this year’s Georgetown BID report examined statistics about core features of the Georgetown economy, including demographics, transportation, office activity, retail market and tourism in town.
“Businesses in our [BID] district are thriving,” said Josh Hermias, the Georgetown BID Economic Development Director. “As D.C.’s densest retail market place, our local businesses are currently supporting 13,000 jobs." According to the Georgetown BID, there were 11,000 jobs in the BID area in 2010. There has been an 18-percent increase in jobs from 2010 to 2013.
The report said that about 26 percent of jobs within the BID area fall under the professional, scientific and technical services sector. Other sectors that had a net gain in jobs created include: real estate (which had a net gain of 15 percent), accommodation and food services (a net gain of 11 percent), retail trade (a net gain of 34 percent).
The retail market in Georgetown is booming. Last year, Georgetown gained 18 new retail stores, including Billy Reid, Frye, Goorin Bros, Hat Shop and Steven Alan. According to the report, there are more than 450 shops, restaurants and salons all within a quarter square mile of the historic district. – further evidence that Georgetown contains the city’s densest retail area.
The tourism sector is also on the rise. With six hotels in Georgetown, the total revenue that hotels have made in 2013 grew seven percent from 2012, generating 64 million dollars in total revenue.
The report also highlights the transportation system in town and how it is shifting to meet the needs of young workers (ages 20 to 24) who have become the dominant demographic in the district. Apart from the BID’s effort for a Georgetown Metro station, the 2028 plan will consist of plans to make Georgetown a bicycle-friendly destination as Capital Bikeshare trips are on a constant rise.
After the presentation of the annual report, Jeff Reid, founding director of Georgetown University’s Entrepreneurship Initiative, spoke to the audience and explained his career as a professor in the business school at Georgetown University and the impact that entrepreneurship is making in Georgetown.
“As an adjunct professor at Georgetown University, I cannot stress enough the importance of educating students about entrepreneurship and the impact that it is making in our community.” Reid said.
Reid also pointed out the fact that many of the businesses in Georgetown are owned by entrepreneurs, who stepped out of complacency into creative ideas.
For more details on the Georgetown 2028 report, click here.