Written by 6:40 pm AI

– **Shaping the AI Industry in DC: Insights from JLL Review**

Washington, D.C., is playing a big role in artificial intelligence (AI), according to a new report …

According to a recent report by JLL, Washington, D.C., plays a significant role in advancing artificial intelligence (AI) as it was one of the early adopters of this technology.

As per the report titled “Capital of Artificial Intelligence: Metro Washington, D.C.’s role in shaping the AI business,” government expenditure on AI research and development has more than doubled over the last five decades. Concurrently, job postings for AI-related positions in the region have more than tripled.

While the San Francisco Bay Area continues to lead the burgeoning industry, AI is projected to expand further, potentially reaching a market worth $15.7 trillion by 2030, according to PwC.

In the 2024 budget proposal, President Biden allocated $1.8 billion for initiatives related to AI and machine learning. The increased national investment in AI research and development is expected to benefit defense contractors in Northern Virginia, biotech companies along the Interstate 270 corridor in Maryland, and a growing number of IoT-focused businesses in the District.

Noteworthy national organizations in the Washington, D.C., area actively engaged in enhancing AI systems include the National Institutes of Health, the Department of Defense, and the Office of the Secretary of State.

The report suggests that due to their prominence, these organizations may lead governmental efforts globally to regulate the impact of AI technologies on society.

These developments are likely to bolster the District’s labor market. According to JLL, remote job opportunities constitute approximately 15% of AI-related job postings in the D.C. area as of December. This trend may drive an increased demand for commercial space, given that the current percentage of remote work in Washington, D.C., is lower.

Metro D.C. distinguishes itself from major West Coast tech hubs due to its well-established AI ecosystem. The region stands out for its practical application of AI and machine learning across various sectors, particularly in healthcare and security. This sets it apart from Silicon Valley and the broader San Francisco Bay Area, known for capitalizing on financial growth through innovations in generative AI.

In 2022, the federal government allocated \(2.58 billion towards AI research and development, marking a \)130 million increase from the previous fiscal year and further budget increments.

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Last modified: December 28, 2023
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