Press Release: DowntownDC BID Releases Early Fall 2021 Economy Update

News Release — DowntownDC Business Improvement District

For Immediate Release: October 7, 2021

CONTACT:
Narrean Marsden
narrean@downtowndc.org

WASHINGTON, D.C. — The DowntownDC Business Improvement District (BID) released its Early Fall 2021 Economy Update today, October 7, 2021, which provides current data regarding the DowntownDC economy and the effects the COVID-19 pandemic and the Delta variant are having on all sectors of the DowntownDC and DC economies.

The report reflects an increase in economic activity since the Winter 2021 Economy Update was released in March of this year — though overall economic activity in DowntownDC has a long way to go before returning to its pre-pandemic levels. Many of downtown’s economic sectors are slowly recovering, though the housing sector is leading the way. The development and destination shopping and dining sectors have also shown meaningful recovery. The sectors most in need of support at this time are the office, office-serving retail and hotel markets.

“Our latest economy update shows that a return of business, work and play downtown is essential to a vibrant, thriving and economically healthy DC,” said BID President and CEO Neil Albert. “As we continue moving toward recovery, the DowntownDC BID is committed to supporting those business sectors that need recovery assistance as well as continuing our investments in DowntownDC’s vitality, cleanliness and safety.”

There is cautious optimism surrounding the reopening of downtown’s Culture, Entertainment and Convention sectors as each has a full schedule of activity for Fall 2021. This is evidenced by the recent successes of the Otakon and Awesome Con conventions held in August, as well as Capital One Arena’s sold-out Harry Styles concert in September, boasting 19,312 attendees.

Pre-pandemic, DowntownDC was home to 24% of DC jobs, 40% of DC hotel revenues, 42% of DC government and private office space and had an estimated positive, annual net fiscal impact of $881 million ($1.328 billion in revenue less $578 million in expenditures).

The DC government’s flexibility and responsiveness with retail and restaurant regulations as well as the size and diversity of grant programs offered to local businesses by the DC government have been essential in preparing DowntownDC for economic recovery.

The future of DowntownDC’s return to greater levels of economic activity continues to depend on the management of COVID-19 and its variants as well as the return of office workers, business/convention/international travelers and cultural/entertainment patrons. The DowntownDC BID continues to work closely with its members, stakeholders and the DC government to ensure our downtown area remains a vibrant and welcoming destination for all.

To read the Early Fall 2021 Economy Update, click here. 

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