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:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)