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COG Says DC Area Should Promote Economic Diversity Against Sequestration; Frank Principi Comments

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A Metropolitan Washington Council of Governments survey recommends the D.C. area look to economic diversity beyond the government and federal contracting if sequestration cuts occur, WTOP reports.

Over the long term, the council believes the region can make up for the potential job and federal spending reductions by promoting biotech firms, the hospitality industry and the cybersecurity industry, according to Hank Silverberg‘s report.

COG Chairman Frank Principi told Silverberg the area is not ready for economic changes resulting from a downsizing of the federal government, citing a cascading effect on private and non-profit firms.

The federal government’s share of the regional economy is expected to decline by 3.5 percent between 2010 and 2015, the report said.

Federal spending in the D.C. region totaled $166 billion in 2010, the COG said, according to Silverberg.

Principi also said urban planning will have to factor in links between land use and transportation, including local activity centers that combines residential and commercial development with transit hubs.

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