The DowntownDC Business Improvement District (BID) presents its Winter 2021 DowntownDC Economy Update, which provides current data regarding the DowntownDC economy and the effects the COVID-19 pandemic is having on all sectors of the economy.
Since the release of the Fall 2020 Economy Update, DowntownDC’s economic activity has decreased to 16% of its pre-pandemic levels; a 2% drop from Fall 2020 and a 4% increase from Summer 2020. This is largely due to the drop in the daytime population as well as a rise in the retail vacancy rate. Additionally, the DC government’s flexibility and responsiveness with retail & restaurant regulations and diversity of grant programs has been essential to preparing DowntownDC and the District at large for economic recovery.
The future of DowntownDC’s return to greater levels of economic activity continues to depend on the pace of decline in the spread of COVID-19 as well as the pace of vaccinations and the effectiveness of the various vaccinations. We are closely working with BID members & stakeholders and the DC government to prepare for the safe return of office workers, business travelers and tourists.