The Economic Development Working Group broke into two teams to prepare this report on the current economic status of Adams Morgan. The first team focused on describing the economic conditions of residents, and the second, composed of members of the business community and representative organizations, focused on describing the economic conditions of businesses in Adams Morgan. The report is thus divided into these two sections.
Note that this is our DRAFT BASELINE REPORT. Please leave your constructive comments, questions, and ideas for the neighborhood in the comments section below.
Adams Morgan is a vibrant and financially strong community making it one of the most affluent in Washington, DC. The Envision Team working on this project divided the Adams Morgan economic analysis into two parts. Part I examined the economic health of our residents and Part II looks at our commercial viability.
Adams Morgan’s median household income is above average for DC but below average of median household income for Northwest, DC. Our median household income for 2012 was $73,972, while median household income for all of the District of Columbia was $59,100, and for all of Northwest Washington it was $77,355 . Per capita income in 2012 for the 16,633 residents in Adams Morgan was $62,548, which brought over 1 billion dollars in income to the Adams Morgan community. By contrast, per capita income for the District of Columbia was $41,726. Per capita income is projected to rise to $74,191 in 2017, while the per capita income of the District of Columbia is projected to rise to $48,534. Per annum capita income estimates for Adams Morgan are projected to bring $1.23 billion into the community by 2017.
Our income distribution finds our poorest residents are over age 75 with household income of less than $15,000, while those with incomes in excess of $200,000 are between 45 and 54 years of age.
Adams Morgan is recognized as a vibrant entertainment zone with a mix of bars and restaurants that constitute an “evening economy” and a unique set of small retail businesses that serve both visitors and residents alike. The breakdown of our commercial businesses is: 303 businesses, 50 non-profits, and 12 government facilities. A further breakdown finds 108 food and beverage outlets, 68 retail establishments, and 125 services organizations.
In addition, neighborhood grocery needs are met by chain groceries -- Safeway, Harris Teeter, Metro Market and the Yes Organic food chain. An issue of continuing concern is the increasing rent levels in what were once affordable parts of the community which forces out small retail businesses in favor of nightlife clubs and other higher paying tenants.
We do not have the fiscal information on the economic impact that the business community brings to Adams Morgan and to the District of Columbia, but we know that it is substantial and the hope that the retail, restaurant, and entertainment area will grow in a manner that is suitable to the businesses and the residents of Adams Morgan.