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By Catholic Online (NEWS CONSORTIUM)

11/18/2013 (1 year ago)

Catholic Online (www.catholic.org)

Funds cut from defense spending now being put to other things - an economic boon for the wily

There's money to be made in the nation's capital of Washington, D.C. This new breed of cat, surprisingly, is not former senators and four-star generals who have always profited from their connections. The newly rich here include former bureaucrats, accountants and staff officers out to make it rich. Prosperity and a super-educated workforce are drawing new entrepreneurs here.

The new money and jobs have raised Washington's stature in the global economy. Tens of thousands of the nation's best-educated workers congregate here. Money and brainpower has supercharged the region.

The new money and jobs have raised Washington's stature in the global economy. Tens of thousands of the nation's best-educated workers congregate here. Money and brainpower has supercharged the region.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/18/2013 (1 year ago)

Published in U.S.

Keywords: Washingotn, D.C., venture capitol, entrepeneur, brain drain


LOS ANGELES, CA (Catholic Online) - The region added 21,000 households in the nation's top one percent. No other metro area came close. Two trends here in Washington D.C. Are being called the chief reasons behind the new economic boom.

Number one: The share of money the government spent on weapons and other hardware shrank as service contracts nearly tripled in value. Companies based in Rep. James Moran's congressional district in Northern Virginia in 2010  reaped $43 billion in federal contracts, almost as much as the state of Texas.

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Number two: Large companies realized that a few million spent shaping legislation could produce windfall profits. They nearly doubled the cash they poured into the capital.

Affluence is readily seen. There's a Tiffany store that Fairfax County development officials boast is the most profitable in the country to the new Tesla dealership in Tysons Corner.

Contractors, lobbyists and some of the country's highest-paid lawyers sit int heir cars and listen to the latest radio ads from Deltek, a firm that advises companies on "capture strategies" for winning government contracts.

At the unassuming eaterie Cafe Joe in suburban Maryland, software engineers with top-secret clearances merely have to look at the place mats under their fried eggs to find federal contractors trying to entice them away from their government jobs with six-figure salaries and stock options. The place-mat ads cost $250 a week and are now sold out through 2014.

The new money and jobs have raised Washington's stature in the global economy. Tens of thousands of the nation's best-educated workers congregate here. Money and brainpower has supercharged the region.

It's all a matter of making hay while the sun shines. Lawmakers struggling to shrink the nation's debt and with contract dollars declining, Washington is revving its economic engine. The silver lining is if all this new wealth and brainpower can innovate and produce beyond government work - the region may be able to sustain its growth.

Venture capital is already flowing in, and the thriving local economy continues to draw the nation's best-trained workers.

A birth foretold: click here to learn more!

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