Press Release For Immediate Release March 21, 2003 Mayor Williams Comments on District’s Economy My thoughts and prayers—and those of this government—are with the members of our armed forces and their families. My thoughts are also with our residents, their families and those who work in our city. In this time of uncertainty, I hope you feel safe, both mentally and physically. I encourage you to connect with your loved ones and colleagues, and finalize your personal and business security plans. The fundamentals of our economy remain strong: There is $24.5 billion worth of development happening across the District. Our city is ranked first in foreign investment real estate, domestically and globally, according to the Association of Foreign Investors in Real Estate. Our hotel occupancy rate for the week ending March 15, 2003, was 76 percent, according to Smith Travel Research. The national average was only 61 percent. But like you, I am keeping an eye on the war's effect on the District's economy. On Wednesday, March 19, I met with business leaders from across the city and outlined my administration's plan for addressing a potential slowdown. Should we need to act, our plan will focus in three areas: 1) Connecting District businesses with our existing economic development resources. These resources are staffed, funded and waiting to be used. Visit www.dcbiz.dc.gov for more information. 2) Assisting District residents that may be affected by layoffs, if any. 3) Communicating to residents their importance in stabilizing and strengthening our economy-how spending in the city increases revenue, helps sustain city services and comes back to help residents in the end. Right now, people want to gather information and be with their family and friends. But the business of this city goes on: buildings are still being built; deals are still closing; people are still shopping in, eating in, staying in and traveling through our city-and our public events draw people from across the country. In partnership with the federal government, we are doing all we can to keep our city safe. Take time to adjust to war. But remember the District is open for business-and we must keep doing the business of our city.