Economy
The various agencies of the Federal Government employ over 140,000 professionals in the Washington D.C. area. A sizable number in the Washington D.C. area work for defense and civilian contracting companies that conduct business directly with the Federal Government (many of these firms are referred to as 'Beltway Bandits' under the local vernacular). As a result, the Federal Government provides the underlying basis of the economy in the region. However, the Washington D.C. area is increasingly home to a diverse segment of businesses not directly related to the Federal Government.
The Washington, D.C. area has the largest science and engineering work force of any metropolitan area in the nation in 2006 according to the Greater Washington Initiative at 324,530, ahead of the combined San Francisco Bay Area work force of 214,500, and Chicago metropolitan area at 203,090, citing data from U.S. Census Bureau, the Bureau of Labor Statistics, Claritas Inc., and other sources.
The Washington, D.C. area was ranked as the second best High-Tech Center in a statistical analysis of the top 100 Metropolitan areas in the United States by American City Business Journals in May 2009, behind the Silicon Valley and ahead of the Boston metropolitan area. Fueling the metropolitan area's ranking was the reported 241,264 tech jobs in the region, a total eclipsed only by New York, Los Angeles, and the combined San Jose-San Francisco-Oakland regions, as well as the highest master's or doctoral degree attainment among the 100 ranked metropolitan areas. A Dice.com report showed that the Washington-Baltimore area had the second-highest number of tech jobs listed: 8,289, after the New York metro area with 9,195 jobs.
The Washington D.C. Area is home to hundreds of major research universities, think tanks, and non-profit organizations. Additionally, Washington, D.C. is a top tourism destination as flocks of Americans and foreigners from around the world visit the museums and monuments of the Capital city year round with the peak season being during the Spring and Summer months of April through August. Moreover, the Washington D.C. area attracts tens of major conferences and conventions each year which also contribute greatly to the region's economy.
Changes in house prices for the D.C. area are publicly tracked on a regular basis using the Case–Shiller index; the statistic is published by Standard & Poor's and is also a component of S&P's 10-city composite index of the value of the U.S. residential real estate market.
Read more about this topic: Washington Metropolitan Area
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)