There is little point in denying the fact that Washington was one of the states that was hit the worst during the recession. While that time might very well be more than a decade in the past, the state has not recovered completely yet, which is understandable, once you take an in-depth look at how the recession had affected Washington.
The capital city of DC however, recovered much faster than the rest of the state. Today, Washington DC is one of the best places to start a new business venture in all of US, although it may not seem so initially from an external point of view. Why it is true though, is something that we will discuss next.
Washington is Recovering
It might have taken a while, but the capital and the entire state has started to finally recover from late 2017 – 2018. The employment rates have gone up and the real estate value too has increased significantly, with a higher rate of growth expected in the next couple of years.
At this point in 2019, Washington DC is a goldmine that is being underrated and underappreciated because of its past. Therein lies the opportunity for a smart investor, because just like in stock trading, you are not supposed to buy when the prices are high, but instead, you are supposed to invest just before the price of a particular stock is about to start rising higher.
Washington DC is that stock which is about to become much more valuable in the coming years. Just take a look at the employment stats, business growth rates and other financial performances of the state in comparison to that of the last few years to know what we are trying to imply here.
Healthcare & Tourism is Booming
There are two primary sectors in Washington DC that are booming at the moment, and they happen to be healthcare and tourism.
Healthcare is always booming everywhere it seems, but the performance of the industry in the whole state, and particularly in DC has been quite impressive. Whether you are a doctor, nurse, or simply a businessman looking to invest in a local clinic; you will find a lot of profitable opportunities here.
It’s only natural for a state and a city with such rich history behind it to grow in popularity, but that had not happened as well as it has started to right now. Did you know that in 2017, more than 22.8 million people came to visit the city from outside the state?
The stats for 2018 have not been released by the government yet, but it is estimated that they are going to break all records again, but even more dominantly than before.
If you are connected to the tourism industry, it’s a great time to think about relocating to Washington DC and starting a business here. Accommodation costs are high in DC and the apartments are always in demand, so finding corporate apartments in Washington DC can be a bit tricky though. Then there is the question of finding furnished apartments in Washington DC, that are actually located in good neighborhoods with low crime rates.
However, Blueground offers a simple solution to all of these problems and helps anyone and everyone in finding suitable, furnished apartments to rent in Washington DC. Simply choose from one of Blueground’s apartments listed on their website and rest assured that the neighborhood, the apartment and the rent will all be the best value for money propositions in the city.
What Other Fields Should You Consider Investing In?
Washington DC is the capital of the US, and there are as many opportunities here as there are in any of the other premier cities in the country. Although it doesn’t offer the best opportunities in every field, one can’t help but sense that with the upcoming economic boost which the whole state will experience as a long time due, every little investment might just turn out to be quite profitable.
Nonetheless, there are a few sectors that have the best promise of growth in the coming years, and the restaurant/hotel sector is definitely one of them.
Since tourism is intricately related to the success of the restaurant and hotel business, it would be a safe bet to invest in either or both, given that tourism is the biggest business sector within the capital.
The food business in general is going to turn up profits, so even launching a few food trucks may not actually be a bad idea.
As an entrepreneur, it is advised that you pay a visit to the city and take a look around for yourself first. If you have any contacts there, even better. Ask around, check out the prices and test it out yourself, before investing big money.
Have you read?
1. Top Fashion Brands For Women Entrepreneurs Redefining Business.
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3. World’s Finest And Biggest Music Festivals You Can’t-Miss (2019-2020).
4. Why Great Things Happen When Ambitious Business Leaders Find the Right Creative Partners by Rik Haslam.
5. Medellin, Colombia: The world’s newest, fastest-growing tech hub might surprise you.
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