WASHINGTON — A sobering new economic report shows the federal government is losing its steam in the D.C. region.
In 2010, the federal government accounted for 40 percent of the local economy. By 2020, it鈥檚 expected to drop to less than 30 percent, according to a new 聽by the聽Metropolitan Washington Council of Governments.
鈥淲e have ranked 93rd out of 100 regions over the last several years,鈥� COG Chairman Roger Berliner said. 鈥淲e have to change. This cannot be 鈥榓 company town.鈥� This has to be a different kind of company town — an innovative economy.鈥�
Berliner, a councilman in Montgomery County, said local communities should work together to attract investment and promote the region鈥檚 resources, which include biomedical and cybersecurity expertise.
鈥淚鈥檝e gone to China with our county and I have to tell you, I felt like they were looking at me like 鈥楻eally, Montgomery County? Who鈥檚 Montgomery County?鈥欌�� Berliner recalled.
“If I was there as part of a regional trade mission [for] Greater Washington, then I think that will present greater opportunities,” he emphasized.
COG鈥檚 鈥淪tate of the Region鈥� report details a number of discouraging factors.
Job growth in the D.C. region is nearly stagnant and among the slowest in the nation. Inflation has outpaced median wages for years, and 39 percent of area households spend more than half their income on housing.
Later this week, the region will apply to join a Brookings Institution/JPMorgan Chase project to help U.S. metro areas adjust their economies.
The is a five-year project to help communities broaden their appeal to world-wide markets.
