Tuesday, November 14, 2000
Fortune Magazine Names District 4th Best American City For Business
(Washington, DC) - On November 13th, Fortune magazine named the District of Columbia the fourth-best American city for business, after New York, San Francisco, and Chicago. The District's overall business environment, the cost of doing business, the caliber of the local work force, and the quality of life are considered among the best in the nation. The District's last appearance on Fortune's list was in 1996, when the city ranked 8th.
"This honor is a clear indicator that the District is open for business," commented Mayor Anthony A. Williams. "We're creating a business-friendly regulatory environment and we're offering the quality of life that business professionals desire." The Mayor's commitment to bring prosperity to the District has led to the infusion of more than $1.5 billion in private investments and has attracted major businesses, including the Newseum and Freedom Forum Headquarters, K-Mart, XM Satellite Radio, and Qwest Communications.
The District continues to make important inroads in promoting business and commerce. In 1999, the District ranked fifth among US metropolitan areas in total tech employment and 10th in top-paying jurisdictions in the nation - with average technology salaries at more than $60,000 per year. With the promise of a new Metro stop, New York Avenue is becoming the new home of the digital economy.
On Wednesday, November 8th, the DC City Council heard the first reading of the "New Economy Transformation Act of 2000," legislation introduced by Councilmember David Catania and amended by Councilmembers Catania and Evans and Mayor Anthony A. Williams. The legislation was crafted with the input of industry representatives from The New Economy Advisors and The Digital Capital Alliance. The proposed legislation represents a package of incentives designed to attract and retain technology businesses in the District. These incentives are grouped into three main areas: Workforce Development, Affordable Facilities and Targeted Financial Incentives.
