The Board of Trade was proud and honored to see so many member organizations and its executive leaders named to the Washington Business Journal’s 2024 Power 100 list, including our very own President & CEO, Jack McDougle.
This recognition of Board of Trade members highlights the diverse business interests and sectors in which our organization makes an impact, all contributing to our mission of advancing the Greater Washington region as the best place to live and work.
Checkout WBJ’s full Power 100 list here. And see below the member organization executives that were honored!
On September 10, the Board of Trade, in partnership with Grayling Communications, launched its Coffee & Conversation series, bringing together industry leaders to explore the evolving role of artificial intelligence (AI) in corporate communication strategies. As AI continues to reshape how businesses interact with their audiences, manage reputations, and streamline operations, it’s crucial for organizations to stay informed and adaptable. Grayling provided invaluable insights into both the opportunities and challenges presented by this transformative technology.
The session highlighted practical strategies for integrating AI responsibly into communication functions, with a focus on human empowerment and organizational progress. Below, we recap the key takeaways and offer a summary of Grayling’s presentation, providing a roadmap for businesses looking to leverage AI effectively.
Key Insights from the Discussion
AI Evolution and Future Trends
AI tools are rapidly advancing, and we’re on the cusp of seeing personalized AI assistants becoming a standard business tool. Companies must prepare for AI’s continuous evolution to remain competitive in a fast-paced digital environment.
Shifts in the Workforce
As with previous technological revolutions, AI will lead to significant shifts in the job market. Certain roles will disappear, while others will emerge, emphasizing the need for adaptive skill development and forward-thinking workforce strategies.
Human-Centric Implementation
Successful AI adoption is not just about technology—it’s 70% about people. Ensuring that AI integrates seamlessly with human interaction is critical to unlocking its full potential. AI should augment, not replace, human decision-making.
Leadership and Organizational Empowerment
AI implementation must be driven by leadership, with clear ambitions, guidelines, and oversight. Top-down leadership ensures alignment across the organization and legitimizes AI as a vital tool for business success.
Time Savings and Efficiency
A major indicator of AI’s success is its ability to save time and streamline processes. Smart integration of AI can lead to significant efficiency gains, allowing organizations to focus on higher-value strategic initiatives.
Empowering Talent
Companies can unlock greater value by leveraging their top-performing employees to train others in the organization on how to utilize AI. This approach fosters internal growth and strengthens the overall workforce.
Measuring Success through KPIs
Cost savings and operational efficiency are the primary metrics for measuring AI success. Companies that fail to adopt AI risk being left behind, missing opportunities for enhanced competitiveness and innovation.
A Comprehensive Guide to AI in Communications
Grayling’s whitepaper, Unlocking AI Innovation from the Ground Up, dives deeper into how businesses can harness the collaboration between humans and machines to foster innovation and drive results. The whitepaper covers crucial aspects of AI adoption, from ethical considerations to practical implementation tips, making it a valuable resource for businesses navigating the AI landscape.
Looking Ahead
As AI continues to develop, businesses must stay ahead of the curve, integrating AI strategically while maintaining a human-first approach. The insights shared during the Coffee & Conversation event offer a foundation for responsible AI adoption, empowering organizations to harness the benefits of this technology without losing sight of its human impact.
For more detailed information, we encourage members to explore Grayling’s whitepaper (created in partnership with Ainigma) with and stay engaged with our upcoming events as we continue these important discussions.
Whitepaper: Unlocking AI Innovation From The Ground Up
Grayling combines its expertise and perspective with our connection to people and place to identify and understand audiences and stakeholder groups, from investors, policy makers and NGOs to consumers, creators and CEOs. Over the years, the company has helped thousands of businesses connect and communicate with the people who matter. Through mission critical, audience first, creative communications Grayling has help navigate and create the conditions for our clients to thrive now and in the future. Grayling’s work is underpinned by its belief in the importance of ‘Mission Critical, Audience First, Creative Communications’. Learn more about Grayling and how it creates advantages for its clients: https://grayling.com/what-we-do/
The Board of Trade held the second part of its 2024 Election Watch series at the Downtown D.C. office of our series sponsor K&L Gates to engage members on how the 2024 Presidential Election could impact the Greater Washington region. It came only a couple weeks after the debate between Vice President Kamala Harris and former President Donald Trump.
A wide range of critical topics were discussed, reflecting the complex intersection of current political, economic, and social challenges. Attendees expressed interest in key areas such as tax policy, higher education, workforce development, and the uncertainty surrounding regulations.
Tax Policy was a central focus, with a noted emphasis on the expiration of the Tax Cuts and Jobs Act in 2025. The looming cost of extending these cuts, estimated at $4.6-$8 trillion, sparked intense debate. Republicans are inclined towards making tax provisions permanent, reducing taxes on manufacturers, and increasing taxes on large university endowments. On the other hand, Democrats emphasize no tax increases on individuals making less than $400,000, enhancing startup expense deductions, and addressing affordable housing.
Higher Education and Workforce Development were also critical themes. Multiple member representatives underscored the importance of adapting educational programs to meet the evolving needs of the workforce. They highlighted that education is not only a domestic issue but also intricately tied to global competitiveness.
The Uncertainty of Regulation was discussed from both corporate and policy angles. Member representatives pointed out the challenges of navigating shifting regulatory environments. This has been a pressing issue across sectors, affecting infrastructure, workforce, and corporate decision-making.
Infrastructure and Reauthorization of major public works projects emerged as another priority, member representatives focused on the need for updated transportation infrastructure in the Greater Washington region, while ensuring sustainable financing.
Regionalism continues to shape local policy initiatives, which Board of Trade members discussed. It emphasized the significance of fostering cooperation between states and local governments to ensure regional development aligns with broader national priorities.
A recurring theme was Election Integrity, as multiple attendees raised concerns about the impact of electoral processes on governance. Notably, K&L analysts stressed that for Democrats to win the Electoral College, they would likely need to secure the popular vote by a margin of at least 3%, citing challenges in accurately polling certain voter demographics, particularly Trump supporters.
The discussion also touched on identity politics, with insights about how the 2024 elections may be shaped by which candidates best represent the values and identities of voters, rather than focusing solely on political experience, such as Vice President Kamala Harris’s tenure.
Geopolitical Issues also took center stage, with concerns about the international landscape affecting domestic policy. The reliance on Chinese goods, border policies, and ongoing conflicts such as those in Gaza, Israel, Russia, and Ukraine all create external pressures that influence voters and policymakers alike.
Looking forward, the general consensus is that policymaking will remain reactive, shaped by an interplay between state and local governments. The slim majority in Congress, regardless of which party holds control, will necessitate bipartisan cooperation to move forward on key initiatives, ranging from energy policy to AI and tech workforce development.
In sum, the policy environment is in constant flux, with a wide aperture for new issue areas while balancing ongoing legislative challenges. Voters face issues ranging from housing and education to energy and international affairs, all of which will demand innovative, cross-sector solutions in the next legislative session.
The Greater Washington Board of Trade gathered more than 450 regional leaders and business professionals for our 31st Fall Business Classic on Sept. 26 at the National Law Enforcement Museum in Downtown D.C. This annual gathering celebrates the importance of working together to connect our business community.
The evening was highlighted by the stunning venue, which provided a perfect backdrop for the occasion, along with captivating museum exhibits that offered a glimpse into our nation’s law enforcement history. The event was further elevated by lively and thought-provoking conversations on regional business issues, bringing together diverse perspectives and fostering an atmosphere of high energy and enthusiasm throughout the night.
Regional collaboration is at the core of the Board of Trade’s mission, which makes convening the region’s leading business executives, community partners, and elected and appointed officials for meaningful conversations a valuable part of enhancing our region and its communities.
Since our establishment in 1889, the Board of Trade has a history of bringing our region together for meaningful dialogues that lead to action. Over the decades this has included initiating D.C.’s subway development in the 1930s, helping form parks along our beautiful rivers, pushing for the development of the region’s airports, and helping bring organizations together to build entertainment and sporting venues in our region.
To build on that legacy, we continue to foster connections and drive initiatives that have a lasting impact on our community. Our work thrives on collaboration, bringing together diverse voices and ideas to address the challenges and opportunities that shape our region’s future. This event is another step in that tradition, uniting leaders from various sectors to explore new possibilities and strengthen our collective vision.
We’d like to extend our thanks to all the sponsors, participants, and staff who put in tremendous effort to make this event a success. We look forward to continuing to build a brighter future for the Greater Washington region, one meaningful connection at a time.
Thank you to the 2024 Fall Business Classic sponsors! Executive Sponsors: WGL, Ridgewells, Melwood; Specialty Sponsors: Design Foundry, Miles & Stockbridge, Washingtonian, Western Transportation; Supporting Sponsors: Crown Castle, Giant; Business Partners: Bank of America, Bechtel, Pepco, Truist, Wells Fargo
The Board of Trade believes it is vital to keep our members and the larger Greater Washington community informed on how policy and legislation can impact regional business. Some new laws in the DMV (Mostly in Maryland) take effect on October 1, with some having direct impact on how businesses interact financially with employees.
Below is a look at a variety of laws that take effect on October 1 that our policy team at the Board of Trade has collected:
SB 413– Employers cannot discriminate or engage in harassment, based on military status. Discrimination includes a failure or refusal to hire, discharge, or otherwise discriminate in compensation or terms, conditions, and privileges of employment. 2024 Regular Session – Senate Bill 413 Enrolled (maryland.gov)
SB 38 – Employers will be required to include additional information on employee’s pay stubs and pay statements. Employers will be required to include:
Employers name (as registered with the State), address, and telephone number;
Date of payment;
Pay period start and end dates;
Number of hours worked during pay period (unless employee is exempt from overtime pay);
Rate of pay;
Bases of pay (including bonuses, commissions on sales, etc.);
Piece rates of pay and the number of pieces completed at each rate (for each employee paid at a piece rate);
Gross and net pay earned during pay period;
Amount and name of all wage deductions.
Employers that fail to comply with the requirements of the law are subject to an administrative penalty of up to $500 per affected employee.
HB 0649 –In public and internal position postings, employers must provide a good faith wage range and general description of benefits, and any other compensation offered. A wage range is defined as “[t]he minimum and maximum hourly rate or minimum and maximum salary of an individual holding a comparable position at the time of the posting; or the budgeted amount for the position.”
If the position was not made available to an applicant, the information must be disclosed before a discussion of compensation is held or upon request of the applicant. Employers may not refuse to interview, hire, or employ an individual because they inquired about information in accordance with this law.
Washington D.C.
Clean Hands Certification Economic Expansion and Revitalization Amendment Act of 2024:
As of October 1, 2024, the amount of delinquent taxes, including penalties and interest, that will disqualify an applicant from receiving a certificate of cleans hands will increase from $100 to $1,000.
Real Property Tax Amendment Act of 2024:
As of October 1, 2024, residential real property previously classified as Class 1 will now be classified as either Class 1A or Class 1B. Class 1A property is any non-transient, residential property that is not included in the definition of Class 1B property. Class 1B property is non-transient residential property with no more than two dwelling units. It includes mostly single-family homes, properties receiving the senior/disabled tax relief, and up to two contiguous condominium units with common ownership. (Short-term, licensed rentals of such properties do not affect their Class 1A or Class 1B status.)
Recordation Tax: The purchase price for a residential property eligible for the reduced rate of recordation tax for first-time homebuyers for tax year 2025 (beginning October 1, 2024) shall not exceed $753,000.00. The income ceilings for households of such properties are also adjusted for the change in the consumer price index. These changes will be reflected in the application form for tax year 2025.
Cigarettes and Other Tobacco Tax:
Cigarettes: There is no change to the cigarette tax, which remains at $5.03.
Other Tobacco: The tax rate on other tobacco products will decrease from 79 percent of wholesale sales of other tobacco products to 71 percent of wholesale sales of other tobacco products. Additionally, the rate for little cigars remains at $0.2515 per little cigar.
Motor Fuel Tax:
The motor fuel surcharge will increase from $.114 to $.118 per gallon on the sale of gasoline, gasohol, and other motor vehicle fuel. This surcharge is in addition to the $.235 tax on the sale of gasoline, gasohol and other motor vehicle fuel.
HB 1186. Department of Conservation and Recreation; two-year pilot program; all-terrain power wheelchairs in state parks:
The law provides that the Department of Conservation and Recreation shall establish a two-year pilot program beginning October 1, 2024, and ending October 30, 2026, to enhance accessibility for individuals with limited mobility in Virginia’s state parks by providing all-terrain power wheelchairs that may be used by such persons during their visits. The law permits the Department to choose the locations for the pilot program and enter into a contract for the purchase of all-terrain power wheelchairs to be used in the pilot program. The law allows the Department to adopt guidelines to administer the pilot program and requires the Department to make a report available to the public regarding the outcome of the pilot program on its website by November 1, 2026.
HB 1475 Uniform Statewide Building Code; certain building owners and operators to supply cooling and heating:
Board of Housing and Community Development; Uniform Statewide Building Code; building owners and operators to supply cooling by April 1 and heating by October 1. Directs the Board of Housing and Community Development to evaluate revisions to the Uniform Statewide Building Code to require that owners and operators of certain apartment buildings begin to supply cooling by April 1 and heat by October 1 of each year to maintain certain temperatures. Under the current regulations, such cooling period begins May 15 and such heating period begins October 15.
WASHINGTON (Sept. 24, 2024) – Today, the Interstate Commission on the Potomac River Basin (ICPRB) unveiled a new report highlighting the significant and dire financial consequences facing the Washington, D.C., region in the event of a disruption to the area’s water supply during a press conference held today with leaders from the greater Washington area.
In just one month, a significant disruption from threats like infrastructure failures or natural disasters in D.C.’s water supply could result in a loss of $15 billion in gross regional product (GRP) and hundreds of millions in tax losses, according to the report, “The Economic and Fiscal Costs of Water Supply Disruption to the National Capital Region.”
ICPRB, along with officials from the Greater Washington Board of Trade, DC Water, the Metropolitan Washington Council of Governments (COG) and the American Business Water Coalition, today called for Congressional action to fund crucial infrastructure projects to ensure greater resiliency in the D.C. region’s water supply and safeguard the health and safety of both the public and the economy.
“The Potomac River is the single source of drinking water for D.C. and provides water for roughly five million people in the region,” said ICPRB Executive Director Michael Nardolilli. “It is integral to the functioning of the nation’s capital. This report clearly shows that any disruption to the water supply would have catastrophic economic consequences for the region, especially for the most vulnerable residents of our nation’s capital. Securing the resilience of our water infrastructure is not just a priority, it’s a necessity.”
“The interconnectedness of our region means that water supply disruptions would have far-reaching consequences affecting the District of Columbia as well as our neighboring communities in Virginia and Maryland,” said COG Board Chair and District of Columbia Councilmember Charles Allen. “This report underscores the importance of regional collaboration in safeguarding our water resources and why COG is working with our partners to ensure a backup water source for the region.”
“DC Water’s motto, ‘Water is life,’ reflects how seriously we, as the water authority for the nation’s capital, take our role in supplying our customers with abundant, safe and reliable water,” said David L. Gadis, Chief Executive Officer (CEO) and General Manager of DC Water. “Resilience in the water sector, one of DC Water’s five strategic imperatives, is crucial not only for our success, but also for the health and wellbeing of the customers who depend on DC Water. This water supply vulnerability must be addressed to protect our city now and for the future generations to come.”
“Our region’s economic vitality and quality of life are directly tied to clean, reliable water resources,” said Jack McDougle, President and CEO of the Greater Washington Board of Trade. “This report highlights that a disruption in the water supply would not only harm the local economy but also have a disproportionate impact on the diverse business sectors and people who contribute to the vibrancy of our nation’s capital the Greater Washington region. This includes small, minority-owned, women-owned, and veteran-owned enterprises, which are at greater risk of permanent closure if forced to shut down due to water supply disruptions. It is imperative that we confront this challenge proactively to safeguard our thriving region and everything it has to offer.”
“Federal investment in our nation’s water infrastructure is essential to protect all communities from the devastating impacts infrastructure failures can have on operations,” said Mae Stevens, CEO of the American Business Water Coalition. “Restoring the country’s water systems to meet the needs of the population is expected to cost more than $1.25 trillion over the next 20 years, a figure far too large for utilities, companies and private citizens to meet alone. Congress needs to recognize this as a critical need and close the funding gap so that we can better protect the D.C. region and our nation against devastating water supply disruptions.”
Key findings presented in the report include:
Economic impact: The report estimates that a significant water supply disruption could result in losses of almost $15 billion in gross regional product (GRP) and hundreds of millions in tax losses, all within the first month.
Disproportionate impact: Small, women-owned and minority-owned businesses are particularly vulnerable to the effects of water supply disruption, with potential losses that could devastate their operations and subsequently, impact the livelihoods of their employees. Supply disruption would additionally have a greater impact on lower-income households that have fewer financial resources to mitigate the loss of services.
Sectoral vulnerability: Major sectors, including healthcare, food and beverage, chemical manufacturing and arts & entertainment, are identified as being at severe risk, underscoring the necessity for enhanced infrastructure resilience and preparedness.
Moving forward, ICPRB, COG, Fairfax Water, WSSC Water, the Washington Aqueduct, and Arlington County are partnering with the U.S. Army Corps of Engineers to undertake a backup water source study for the region to ensure greater water supply resiliency. The study, which received partial funding in the Energy and Water Appropriations Bill, will commence later this year.
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About The Interstate Commission on the Potomac River Basin
The ICPRB is an interstate compact commission established by Congress in 1940. Its mission is to protect and enhance the waters and related resources of the Potomac River basin through science, regional cooperation, and education. Represented by appointed commissioners, ICPRB includes the District of Columbia, Maryland, Pennsylvania, Virginia, West Virginia, and the federal government.
About DC Water
DC Water provides more than 700,000 residents and 21.3 million annual visitors in the District of Columbia with retail water and wastewater (sewer) service. With a total service area of approximately 725 square miles, DC Water also treats wastewater for approximately 1.8 million people in neighboring jurisdictions, including Montgomery and Prince George’s counties in Maryland and Fairfax and Loudoun counties in Virginia.
About Greater Washington Board of Trade
Greater Washington is a dynamic and complex region with a quick-moving and always-evolving business environment. The Board of Trade, founded in 1889, is the region’s premier non-partisan business organization representing industry, nonprofits, universities, and government agencies in the District of Columbia, suburban Maryland, and Northern Virginia. We focus on inclusive economic growth, improving the business climate, and enhancing the region’s economic competitiveness.
About American Business Water Coalition
The American Business Water Coalition is a group of water-reliant businesses—from manufacturing to energy to tech and beyond. The coalition provides a platform for businesses across the country to urge Congress and the Administration to increase investment in water infrastructure, and foster relationships between businesses and their local utilities. Learn more about the coalition here: https://www.businesswatercoalition.com/
About Metropolitan Washington Council of Governments
The Metropolitan Washington Council of Governments (COG) is an independent, nonprofit association that brings area leaders together to address major regional issues in the District of Columbia, suburban Maryland, and Northern Virginia. COG’s membership is comprised of 300 elected officials from local governments, the Maryland and Virginia state legislatures, and U.S. Congress.
This content was provided by DMVMoves in partnership with the Metropolitan Washington Council of Governments (COG) and the Washington Metropolitan Area Transit Authority (WMATA)
At the DMVMoves Task Force meeting on Sept. 23, area officials took another step forward in their effort to create a unified vision and sustainable funding model for the region’s transit network.
The task force, jointly organized by the Metropolitan Washington Council of Governments (COG) and the Washington Metropolitan Area Transit Authority (WMATA), reviewed initial recommendations presented by two advisory groups that have been working since June on the initiative’s vision, goals, and proposed actions for stronger coordination among the region’s 14 different transit systems.
Several actions focus on improving customer experience across all transit systems, such as integrating and aligning fare policies for the first time regionwide and implementing bus priority strategies to get the best value from high-frequency routes. In addition, officials are considering opportunities to combine functions and identify and pursue potential savings through cooperative purchasing and making training and certification for transit personnel more consistent across the region. Action plans to implement these recommendations will be provided in November for Task Force consideration and adoption.
In addition, the Task Force reviewed funding needs for the regional transit network, including Metro, MARC, VRE, and local bus systems, and began discussing scenarios and potential new public revenues to close projected funding gaps both to support service at existing levels as well as enhanced service options, such as starting implementation of the Better Bus Visionary Network, MARC and MTA commuter bus improvements, and increased Metrorail and local bus service. The Task Force will discuss scenarios for funding maximized service options and expansion at a future meeting.
The DMVMoves Task Force, co-chaired by COG Board Chair and District of Columbia Councilmember Charles Allen and WMATA Board Vice Chair Paul C. Smedberg, is made up of 23 elected and appointed officials from the District of Columbia, Maryland, Virginia, and the federal government. The Task Force is being advised by two groups – a Government Partners Advisory Group representing area jurisdictions and transit service providers as well as a Community Partners Advisory Group representing business, labor, and community organizations.
The DMVMoves initiative was launched at an historic convening of the COG and WMATA Boards of Directors in May and has undertaken an ambitious work plan to develop policy recommendations and final plan by May 2025. The next Task Force meeting will be held in November.
We just released our monthly newsletter and it was a busy July for the Board of Trade! From holding the Potomac Conference to starting our 2024 Election Watch series, we have engaged our members and partners around key issues impacting the Greater Washington region.
At the Greater Washington Board of Trade, we are proud to support organizations that make a meaningful impact in our region, and we are pleased to highlight Hope For The Warriors as they host the annual Got Heart Give Hope Awards Ceremony on October 16, 2024, at the MGM National Harbor.
This event is a key part of Hope For The Warriors’ mission to restore hope and provide vital support to the post-9/11 military community—many of whom live, work, and thrive right here in the Washington, D.C., area. The Greater Washington region is home to a significant number of veterans and active service members, and this awards ceremony offers a unique opportunity for the business community to honor their remarkable resilience and achievements.
Local businesses have a chance to take an active role in this event, highlighting their support for our military community while strengthening connections within the region’s business network. By participating, your company can directly contribute to the success of the awards and the ongoing work that Hope For The Warriors does for veterans and their families.
In addition to the awards ceremony, Hope For The Warriors will host a Welcome Dinner on October 15 at 6 pm at Osteria Costa, MGM National Harbor. This dinner will kick off the festivities and offer attendees the chance to network and participate in a silent auction to further support the mission.
Your participation and sponsorship of this event underscore your company’s commitment to our veterans and our community. For more information on how you can get involved, as well as sponsorship opportunities, we invite you to learn more. Together, we can help honor those who have given so much to our nation.
Small business is important to the Board of Trade; we are one. And as a representative of Greater Washington, celebrating Small Business September this year allows us to show how important small businesses’ vitality is to our region’s ecosystem.
To lean in on small business awareness in our region, our policy team looked at data points around small businesses across D.C., Maryland, and Virginia and collected some important statistics showing small businesses’ financial struggles.
A huge need for small businesses is getting funding opportunities to create a vibrant and healthy small business community in Greater Washington. According to the U.S. Chamber of Commerce, in 2022, 69% of small businesses say that relied on personal savings to finance their business compared to 60% in 2020, which shows the need for funding opportunities for new small businesses looking to grow the U.S. economy.
The U.S. Chamber of Commerce also shared recently that small businesses in the United States are in much need of funding through capital investments, collecting data that shows 33% of businesses that launched in 2024 did so with less than $5,000 USD, with 58% of businesses launching in 2024 with less than $25,000 USD.
As mentioned, our policy team has gathered data from the Small Business Association’s Office of Advocacy that breaks down the percentage of small businesses in Greater Washington. This includes highlighting percentages of women and minorities that represent small businesses across D.C., Maryland, and Virginia.
DISTRICT OF COLUMBIA
There are 75,579 small businesses in DC, which make up 98.1 percent of all businesses in the District.
DC’s small businesses employ 260,713 workers, which accounts for 48.0 percent of the total DC workforce.
Women comprised 51.4 percent of the workforce and owned 47.4 percent of businesses. Veterans made up 3.0 percent of the workforce and owned 4.1 percent of businesses. Hispanics accounted for 11.0 percent of the workforce and owned 8.0 percent of businesses. Racial minorities made up 50.0 percent of the workforce and owned 43.3 percent of businesses.
MARYLAND
There are 639,789 small businesses in Maryland which make up 99.5 percent of Maryland businesses.
Maryland’s small businesses employ 1.2 million people, which accounts for 48.8 percent of the state’s total employees.
Women comprised 49.2 percent of the workforce and owned 44.6 percent of businesses. Veterans made up 5.7 percent of workers and owned 6.6 percent of businesses. Hispanics accounted for 9.8 percent of the workforce and owned 9.2 percent of businesses. Racial minorities constituted 43.7 percent of the workforce and owned 38.5 percent of businesses.
VIRGINIA
There are 818,450 small businesses in Virginia, accounting for 99.5 percent of all businesses in the state.
Small businesses in Virginia employ 1.6 million employees, which accounts for 45.4 percent of Virginia’s workforce.
Women made up 47.6 percent of the workforce and owned 44.3 percent of businesses. Veterans comprised 8.6 percent of the workforce and owned 9.1 percent of businesses. Hispanics accounted for 9.5 percent of the workforce and owned 9.2 percent of businesses. Racial minorities made up 32.1 percent of the workforce and owned 27.0 percent of businesses.
The Board of Trade will continue to engage with people and business professionals in our region to help promote small business across the Greater Washington region. And the vitality and future of small businesses depends on public officials, regional stakeholders, and the broad Greater Washington business community, working together for a better future for our region.
There is a lot to learn about small businesses that the SBA and U.S. Chamber of Commerce shares so people can learn more about the opportunities and struggles small businesses face.
