Economic Uncertainty and Hazy Forecast in our Region

Members and guests  joined fellow LAIGW  members for lunch and a dynamic program on May 19.  The presentation  focused on the state of the Washington, DC region now.  Studies have made it clear that a region where jurisdictions work together has the best opportunity to thrive and reach its growth potential. Many individuals have been focused on this idea in our region for several decades.

One of the most devoted regional leaders in our region is Bob Buchanan.  In 2008, he noted that in our region there was more competition than cooperation among local jurisdictions.  He decided to do something to encourage a change in that mindset.  He started the 2030 Group with like-minded business leaders to spread an awareness of regionalism.  When this region competed successfully in 2018 to attract the Amazon headquarters, it was a time to celebrate our region’s efforts.

Over the past few years, however, our region has had many challenges.  We have an ongoing commercial real estate disaster, growing outmigration by our highly skilled workforce, and the continued lack of housing affordability, all of which have had huge impacts on our regional economy.  The pandemic, work from home, political divisions, and financial uncertainty are making cooperation more difficult.

Bob Buchanan updated our group on how our region is faring, challenges we face, and future opportunities for bringing the region together.  He will share the results of recent regional studies from CBRE, the Greater Washington Board of Trade, GMU’s Schar School of Policy and Government and others.

Mr. Buchanan is a Principal of Buchanan Partners, a full service real estate development company in office, retail, industrial, residential, and large mixed use planned communities. Mr. Buchanan is the President of the 2030 Group, an association of Washington metropolitan area business leaders focused on regional long-term decision-making and solutions. The mission of the 2030 Group is to advance a strong regional economy with new employment opportunities and sustainable prosperity for current and future residents of the Washington metropolitan area. Mr. Buchanan has been  recognized in the Washington Business Journal’s “Power 100” list of the region’s most influential business leaders. Mr. Buchanan was chair of VisArts, a premier visual arts organization in the capital region that’s based in Rockville. His extensive past community involvement also involves Chair of Loudoun County Economic Development Commission and Founding Member of the Ballston Partnership.