The Bowser administration has unveiled its D.C. Comeback Plan, the tool it will utilize for setting the District’s economic development goals for the next five years with an emphasis on making the city more prosperous.
The plan has six goals to meet by 2028:
- Create 35,000 new jobs in high-growth target sectors.
- Increase the share of minority-owned employer businesses to 33% of all employer businesses.
- Increase access to opportunity for residents and eliminate key amenity gaps across all neighborhoods.
- Add 15,000 residents to the downtown population by adding seven million square feet of residential units.
- Retain current residents and reach a population of 725,000.
- Increase economic growth by lifting the median household income of Black residents by $25,000.
“This is a comeback that is focused on equity,” said Mayor Muriel Bowser. “This is about making sure we have the revenues to support our world-class city services, our robust network of social programs, and the resources — like our schools and rec centers — that keep people in D.C. People stay in and come to Washington, D.C., because they want to change the world — because they recognize D.C. as a place where you can bring big ideas to life. Our comeback is about unlocking the full potential of our people, our neighborhoods, and our businesses.”
Administration officials said the plan, which serves as the city’s Comprehensive Economic Development Strategy, will be submitted to the U.S. Economic Development Administration at the U.S. Department of Commerce. The submission will let the city’s nonprofits and universities pursue certain types of federal funding.
Additionally, administration officials announced the Vitality Fund that will let established businesses in target industries actively plan to relocate, expand or retain their physical location in the city.
“As we pursue our goals to revitalize downtown D.C. and bring 35,000 new jobs in high-growth section, the Vitality Fund will be a critical tool,” said D.C. Deputy Mayor for Planning and Economic Development John Falcicchio.