Record federal spending, which has increased significantly in the Greater Washington area since 9/11, continues to be the engine driving the current economic upswing. At an Economic Conference today, Stephen Fuller, PhD, Director, Center for Regional Analysis at George Mason University, announced that the U.S. Government spent $339 billion nationally in federal procurement in fiscal year 2004. More than 15 percent ($52.6 billion) of this national total stayed in the Greater Washington region. This represents a 19 percent increase over the previous fiscal year.
Which sector is benefiting most from the increase in federal dollars? The area’s technology sector has been the winner for the past few years. According to Dr. Fuller, the government accounts for more than 70 percent of the sales of technology products and services in Greater Washington.
www.greaterwashington.org
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