Leading Employers Mark 2-Year Progress on
Shared Prosperity $4.7B 5-Year Commitment, Potential to Unlock Up
to $50 Billion GDP in Region
Greater Washington Partnership (“the Partnership”) announced its
table of leading employers collectively invested $3.2 billion
toward inclusive economic growth since 2022. This milestone
marks a historic commitment on the two-year anniversary of Shared
Prosperity, a transformative pledge of $4.7 billion over five years
to inclusively catalyze emerging regional economies and small and
diverse businesses from Baltimore to Richmond.
The Partnership was created to identify opportunities for
greater economic competitiveness in the region. As these leading
employers expand their presence throughout the Baltimore-Richmond
corridor, they collectively reinforce the Partnership’s founding
mission to spur inclusive growth and intentional investments in the
regional economy.
Through targeted efforts to narrow wealth disparities in the
region, there is potential to unlock an estimated $35-50 billion
in GDP for the Baltimore-Richmond corridor by 2028, according
to Partnership organization McKinsey.
“This $3.2 billion milestone highlights the deliberate
investments by leading employers throughout the region,
strengthening our competitive edge. Inclusive economic growth is
not just a pathway to a more equitable society but also a critical
business imperative that fosters a pro-growth environment,” said
Kathy Hollinger, CEO of Greater Washington Partnership. “By
investing inclusively, we are unlocking the full potential of our
region, its people and its businesses. This effort is key to
enhancing our economic competitiveness on a global scale. While our
journey is far from over, our steadfast commitment to Shared
Prosperity ensures a transformative impact, driving sustainable,
pro-growth development and long-term success for all
stakeholders.”
This benchmark includes over $2.1 billion invested with
diverse businesses and more than $1 billion in underserved
communities through entrepreneurship programs, health equity
and affordable housing initiatives. Additionally, more than $90
million has been directed to enhance access to capital through
community development financial institutions (CDFIs) and minority
depository institutions (MDIs) that serve underrepresented
populations to create and expand economic opportunity.
In just two years, participating organizations have already
reached almost 70 percent completion of the five-year
commitment. Despite an evolving economic landscape, these employers
have maintained investments with an eye toward increasing the
region’s overall economic competitiveness.
“Taking an inclusive approach to growth propels both our
region’s businesses and communities forward,” said Kathy Warden,
Chair, President and CEO of Northrop Grumman and Board Chair of
Greater Washington Partnership. “Focused investments from
private sector leaders, combined with an unwavering commitment to
supplier diversity, is driving meaningful change in our region and
establishing a model for the nation.”
The noteworthy progress underscores Partnership organizations’
dedication to collective action that unlocks growth opportunity,
ensuring that prosperity is attainable for all residents throughout
the region irrespective of their zip code. Data collected by the
Partnership demonstrates an opportunity to strengthen the economy
along the Baltimore-Richmond corridor following years of
stagnation. This collective effort is a marker of what
transformative efforts can do to strengthen our region’s economic
vitality and inclusion.
“Over the last two years, employers across Greater Washington
have seen what’s possible when the private sector comes together
and focuses on removing barriers and creating opportunity in
communities which have been neglected for far too long. Whether
it’s hiring the best talent, broadening our supplier base or
helping small businesses grow, these efforts will strengthen our
regional economy, attract more investment and allow us to continue
to grow our businesses,” said Peter L. Scher, Vice Chairman of
JPMorganChase and the Partnership’s Co-Founder and Board Chair
Emeritus. “Very proud of the Shared Prosperity employers who
already invested more than $3.2 billion to advance inclusive growth
but recognize that this is just the beginning of this critical path
forward.”
"I am encouraged by the dedication of our collective leading
employers. Recognizing the economic imperative, we understand that
excluding communities from our economy means missing out on
significant opportunities for growth,” said Tony Pierce, Akin’s
DC Partner in Charge and the Partnership’s Co-Founder and Inclusive
Economic Growth Advisory Committee Co-Chair. “Our combined
progress of $3.2 billion underscores the unwavering resolve of the
region’s leading employers to foster a more competitive and
inclusive economic region.”
Among Shared Prosperity organizations generating significant
impact is Clark Construction Group. Since 2006, Clark has been a
leading company in offering support to small and diverse business
leaders across the country.
“We are driving inclusive growth and nurturing the fabric of our
local economy in the Greater Washington region by increasing market
opportunities for small and diverse businesses,” added Robby
Moser, CEO of Clark Construction Group and the Partnership’s
Inclusive Economic Growth Advisory Committee Co-Chair. “Through
Clark’s ‘SDBE15’ initiative, we voluntarily commit to achieving at
least 15% small and diverse business participation on projects that
do not otherwise have mandated small business goals. Since 2022, we
have awarded more than $600 million in additional contracts to
small and diverse businesses in the Greater Washington region
through this program."
The $4.7 billion initial commitment features efforts from 26
organizations including Akin, Amazon, AstraZeneca, Bank of America,
Boston Consulting Group, Capital One, Clark Construction Group,
Comcast, Deloitte, Dominion Energy, Exelon, EY, Gensler, Georgetown
University, Howard University, Inova Health System, JBG SMITH,
JPMorganChase, Kaiser Permanente, McKinsey & Company, Northrop
Grumman Corporation, SAIC, Thompson Hospitality, Truist, Washington
Commanders and Wells Fargo.
Since 2022, the Partnership table has expanded to include
additional organizations such as Ampcus Inc., Annie E. Casey
Foundation, Carefirst BlueCross BlueShield, Better Housing
Coalition, Boeing, KPMG, Maximus Inc., United Way of the National
Capital Area and Virginia Tech.
These initiatives align with the Partnership’s Regional
Blueprint for Inclusive Growth, a 10-year roadmap focused on
closing equity gaps in education, workforce, access to capital,
affordable housing, infrastructure and health equity.
The Partnership remains committed to driving inclusive economic
growth opportunities in the region, and invites businesses,
organizations and individuals to join in advancing Shared
Prosperity for a more equitable and competitive region. Visit the
Greater Washington Partnership website to learn more about Shared
Prosperity.
About Greater Washington Partnership
Greater Washington Partnership is the first-of-its-kind
nonprofit alliance of the region’s most influential and leading
employers across industry sectors in Maryland, Virginia and
Washington, DC – all committed to championing the region’s economic
growth and vibrancy. Together, we leverage our collective
experiences, resources and assets to identify shared challenges and
offer real solutions to the region’s most critical issues including
skills and talent, regional mobility, infrastructure and inclusive
growth. Learn more about the Partnership at
greaterwashingtonpartnership.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240708304222/en/
Tom Shaw, Director of Communications and Marketing Greater
Washington Partnership Phone: 856-626-6640 Email:
tshaw@greaterwashingtonpartnership.com