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Economic Development Progress in DC: Empowering Small Businesses

Detailed report on supporting business growth, retaining small businesses, attracting retail, and outreach initiatives in Washington, D.C. Key focus on job creation, community collaboration, and economic revitalization efforts.

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Economic Development Progress in DC: Empowering Small Businesses

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  1. WDCEP Q2 2011 • Progress Report April 2011

  2. OVERVIEW Mission | Supporting Business Development | Small Business RetentionRetail Attraction | Expanded Board Capacity | Outreach | Prospects Special Projects | Budget and Finance | Next • Tactical and Practical WDCEP Q2 2011 Progress Report | April 2011

  3. MISSION • Jobs, Communications, Collaboration WDCEP Q2 2011 Progress Report | April 2011

  4. Mission Jobs, Communication, Collaboration • Enhance DC’s economy through jobs creation for DC residents.Increase tax revenues. Retain existing businesses. Attract new businesses. • Serve as an information clearinghouse and research center for prospects, businesses, DC agencies, and community stakeholders. • Tell the story of DC’s economic resurgence and development dynamic in local, regional, national and international markets. WDCEP Q2 2011 Progress Report | April 2011

  5. Mission Jobs, Communication, Collaboration • Brand DC as a vibrant business environment and investment opportunity. • Provide resources to the community that support economic development. • Collaborate and partner with the community’s public and private stakeholders in order to accomplish our goals and leverage our resources. • Serve as a link between the business community and the DC Government. WDCEP Q2 2011 Progress Report | April 2011

  6. SUPPORTING BUSINESS DEVELOPMENT WDCEP Q2 2011 Progress Report | April 2011

  7. Supporting Business Development WDCEP Q2 2011 Progress Report | April 2011

  8. Supporting Business Development 7,000-10,000 total audience annually WDCEP Q2 2011 Progress Report | April 2011

  9. Supporting Business Environment Doing Business in DC Guide Circulation | 10,000 10,000 Neighborhood Profiles37 neighborhood sub market summaries Circulation | 4,000 500 Individual Sheets 3,500 Books DC Development Report Circulation | 3,000 This report catalogues the development pipeline in the District, highlights emerging retail markets and detail development projects citywide. 3,000 WDCEP Q2 2011 Progress Report | April 2011

  10. SMALL BUSINESS RETENTION • DC Business Profile | DC Small & Micro Business Profile | Small Business Initiatives WDCEP Q2 2011 Progress Report | April 2011

  11. Small Business Retention DC Business Profile • DC has • 43,300 businesses • that employ about • 538,000 individuals WDCEP Q2 2011 Progress Report | April 2011

  12. Small Business Retention DC Business Profile • On average, District businesses have been in operation for • nine yearsand gross $1M WDCEP Q2 2011 Progress Report | April 2011

  13. Small Business Retention DC Small/Micro Business Profile • Small Businesses • Employees: 6-24 • Total in DC: 8,300 • Employment: 93,000 • Avg years in operation: 12 • Gross: $1M • Micro Businesses • Employees: 1-5 • Total in DC: 31,500 • Employment: 68,000 • Avg years in operation: 8 WDCEP Q2 2011 Progress Report | April 2011

  14. WDCEP Small Business initiatives Suite of Programs • Doing Business in DC Guide Circulation | 10,000 • DoingBusiness 2.0 7 programs |Initial Start Up Consideration, Business Financing, Business Registration & Licensing, Business Taxes, Finding Talent & Labor, Business Insurance, Starting a Franchise 236 attendees | 4.5 hours of content for YouTube and Channel 16 • WDCEP Business Plan Competition $100,000 capital investment +$29,000 in pro-bono services • Small Business Awards 3 awards | Small Business of the Year; 100 Year Old Business of the Year; Small Business of the Year WDCEP Q2 2011 Progress Report | April 2011

  15. WDCEP Small Business initiatives New/Proposed • Broadband Access for Small Business $75,000 grant • Kauffman Foundation Fastrac Training $150,000 grant 200+ merchants trained | New Venture, Expanding Venture; Tech Venture WDCEP Q2 2011 Progress Report | April 2011

  16. RETAIL ATTRACTION • Taxes & Jobs | Metrics WDCEP Q2 2011 Progress Report | April 2011

  17. Retail Attraction Taxes and Jobs • The District “leaks” $1B per year in retail spending. • The District is “understored”.8.6 sq. ft. of retail per person in DC vs the national avg. of 23.4 sq. ft. • The District would need to add 8M sq. ft to achieve national avg. (8.6X600k=5.16M sq.ft.) (23.4x600k=14.04M sq.ft.) | (Social Compact & 2006 Comprehensive Plan) WDCEP Q2 2011 Progress Report | April 2011

  18. Retail Attraction Metrics • Taxable retail and restaurant sales have grown by more than 50% from 2000-2008. An increase of $3.9B to $11.2B resulting in tax collections of $770M+. • The WDCEP markets 7.0 M+ sq. ft. of retail. • This supports 12,000+ new jobs in DC. (ICSC ratio of 550 sq. ft. per employee.) WDCEP Q2 2011 Progress Report | April 2011

  19. Retail Attraction / Grocery Metrics • WDCEP supported the delivery of • 15 new grocery stores since 2000 • Harris Teeter | Safeway | Giant | Yes! Organics | Whole Foods | Trader Joe’s • Catalytic effect? WDCEP Q2 2011 Progress Report | April 2011

  20. OUTREACH • Targeted Audiences | Special Projects WDCEP Q2 2011 Progress Report | April 2011

  21. Outreach Targeted Audiences/Topics • DC Revenue Bond ProgramFASB Legislation and Enterprise Incentives DC Economic Development Outlook • 400 attendees | $29,000 | 4 hours content for YouTube and Channel 16 WDCEP Q2 2011 Progress Report | April 2011

  22. Prospects | Special Projects | Budget & Finance WDCEP Q2 2011 Progress Report | April 2011

  23. Outreach • Special Projects • Urban Land Institute Fall Conference • Ward 5 Economic Summit • DCBIA Programs • GWHCC Economic Programs • Other • Convener 30+ meetings • the notebookmonthly newsletter | circulation: 6,000 WDCEP Q2 2011 Progress Report | April 2011

  24. Prospects • WDCEP is currently tracking 200+ companies for relocation, startup or expansion. • We track 1,250+ economic development projects annually. • We promote 300+ retail/small business opportunities in DC annually. • CEO Survey launches April 15. WDCEP Q2 2011 Progress Report | April 2011

  25. Special Projects • Broadband for Small business/OCTO Grant Agency Collaboration • Comprehensive Economic Development Strategy Federal Partner | Pipeline for funding for ED projects • actionomics Ward 8 Major initiatives | partner with GWU • Sunderland England Tech Trade Mission Need for FDI support • Critical Success Factors Analysis of Small Business Success Adjacent to Urban Big Box WDCEP Q2 2011 Progress Report | April 2011

  26. Budget & Financing Forecasting • The DC portion of the Partnership funding has decreased from $2.2M to $750,000 since 2007. • Only 9% of all of the IEDC members surveyed in February of 2011 have a budget reduction of 25%. 45% of Economic Development Partnerships nationwide have budget increases for 2011 and 2012. • Baseline Budget for the WDCEP is $1.5M • The private sector matches the District sponsorship to WDCEP at a rate of 30-40%. This sponsorship match sets the standard for DC partnership and programming investments. • Prince George’s County announced on March 15, 2011 a $50M fund to attract retailers and businesses to the county. • Maryland announced a $100,000,000 cyber tech venture fund. WDCEP Q2 2011 Progress Report | April 2011

  27. Real Estate News • Washington leads nation in drawing major retailers • By: Liz Farmer 05/09/11 8:05 PM Examiner Staff Writer @LizFarmerDC • The Washington area’s speedy recovery and urban revival is drawing retailers like Safeway, Walmart, Target and Harris Teeter as major chains return to cities. – Andrew Harnik/Examiner file • The Washington region led the nation last year in luring major retailers and will continue to dominate this year as large stores repackage themselves for the now-lucrative urban market, a new report says. The area's speedy recovery and urban revival is drawing retailers like Walmart, Target and Harris Teeter as major chains return to cities more than 50 years after packing up and leaving downtown neighborhoods. • "There's only one place in America with more spending power than stores to spend it in and that is basically in our downtowns and cities," said Ed McMahon, senior resident fellow at the Urban Land Institute.

  28. NEXT • Business Plan Competition | Ward 8 Summit | ICSC Las Vegas | EDA Grant: St E’s Workforce Development Center | Kaufman Foundation/Walmart Fastrac Program | Small Business Awards WDCEP Q2 2011 Progress Report | April 2011

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