Past, Present, and Future Economic Trends Examined at First Fuller Institute Forum

A range of change in how the Washington, D.C., area’s economy operates and what lies ahead were the subjects of the inaugural Economic Forum hosted by the Stephen S. Fuller Institute at the Schar School of Policy and Government at George Mason University on October 3.

More than 150 business leaders from around the D.C area attended the three-hour conference to gain insights as to where the regional economy is going by examining where it has come from.

Ellen Harpel, founder and president of Business Development Advisors, LLC, an economic development and market intelligence consulting firm, and a senior research fellow for the Schar School’s Center for Regional Analysis, detailed the effect on the economy by the emerging “gig” and independent employment sector. 

Jeannette Chapman, deputy director and senior research associate of the Fuller Institute, followed Harpel with a detailed look at the region’s shifting workforce as businesses become less dependent on federal spending and diversify into other industries.

A highlight of the morning was a “Conversation with Til Hazel,” with Donald Graham, chairman of Graham Holdings and former publisher of the Washington Post, interviewing the longtime Northern Virginia developer and philanthropist. 

Among other topics, Hazel and Graham provided a lengthy history on the development of George Mason University and its importance to the economic growth of the area. Hazel cited the “dramatic involvement” of the business community—including home builder and Schar School namesake Dwight C. Schar—as a driving force in expanding the scope and capacity of the Fairfax City and Arlington, Virginia campuses.

In particular, the late Mason president George Johnson was cited by Hazel as “a major figure in creating a future for Fairfax County. He knew how growth worked and he knew how important George Mason would be to the community.” 

Donald Graham and Til Hazel

The morning forum concluded with Schar School professor Fuller presenting his outlook as to how the region’s economy has fared—and perhaps will fare—compared to the national recovery from the Great Recession.

The audience may have been heartened to hear Fuller declare “somewhat similar growth” in the economy, locally and nationally, as this year will continue into next year. “The region has regained its momentum after an eight-year struggle after the federal sequester. We’ve worked our way back,” said Fuller. 

But he added growth could be dampened a bit. The mitigating qualifier, he said, is consumer confidence in the national economy. “Five out of the last eight months consumer confidence has been down, and that’s worrisome.”

See Fuller’s data here.