Press Release October 26, 2001 Mayor Williams Continues His Commitment to Economic Recovery (Washington, DC) Mayor Anthony A. Williams continued his ongoing outreach to local, small and disadvantaged business enterprises with Building DC: Creating Partnerships and Opportunities in the Construction Industry. At today's conference, contractors and developers in the construction industry joined forces with the District's local small and/or disadvantaged businesses to improve the business climate for strategic partnerships, workforce development, and bonding and insurance in the construction industry. "Our local businesses make up 90 percent of the business sector in this city. They contribute $250 billion a year to our city. They are the foundation of the District's economy," said Mayor Williams. "We're not going to let them falter. We're going to help them succeed." In the District, 81 percent of all businesses have 10 or fewer employees—and businesses that net $500,000 or less each year contribute $3.8 billion annually to our local economy. Today's conference is part of the Mayor's ongoing initiative to revitalize our local economy in the wake of the September 11 terrorist attacks. On October 1, the Mayor announced $100 million in assistance for our city's small businesses—$50 million in loans and $50 million in loan guarantees - to help District businesses keep workers on, keep buying supplies, keep their marketing going-and keep their business alive. "Our city's small businesses are, literally, the economic engine for this city," commented Deputy Mayor Eric Price. "Promoting employment and expansion opportunities for these businesses is the fuel that will bring our economy back up to speed." Despite the events of September 11, the DC Marketing Center reports that: $10 billion in construction is underway in the District—approximately $4 billion in downtown alone; and 5.1 million square feet of office space is under construction, with 3.6 million square feet of retail space either planned or under construction. Exhibiting at the Building DC conference were Whiting-Turner Construction, Clark Construction, Beazer Homes, Trammel Crow, The John Akridge Company and other contractors, economic development organizations, and local and federal agencies. Participants at the conference learned of successful ventures such as the Clark/Smoot partnership at the new Washington Convention Center.