NEW REPORT: ASSESSING THE ROADMAP AND THE REGION’S ECONOMIC PIVOT
February 17, 2017
By The 2030 Group
By: The Stephen S. Fuller Institute for Research on the Washington Region’s Economic Future
The Washington region has long depended on increased spending by the Federal Government for its economic growth. This report summarizes this history and provides an update on the region’s growth in 2014 through 2016.
The Roadmap for the Washington Region’s Future Economy, released in January 2016, identified seven advanced industrial clusters for which the region possessed a competitive advantage that were not federally dependent. Over the 2014 to 2016 period, job growth was strong. While the gains were not driven by increases in the Federal Government, they were also not driven by these advanced industries. Rather, the growth occurred in non-cluster based jobs, the majority of which are local serving. Overall, there is little evidence that the Washington economy has pivoted away from its historic dependence on federal spending to grow in the long run.