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Inauguration Brings $1 Billion to D.C.
posted 01/22/09
6:01 pm
Economists predicted the Inauguration would pump hundreds of millions of dollars into the local economy, but after checking in with various businesses, they are revising that number upwards. In fact, it is estimated the city brought in a billion dollars on Jan. 20.
At the Hip Item Trading Corp. In D.C., it was expected that a lot of Obama souvenirs would be sold, but they didn't realize business would jump by more than 200 percent on the days surrounding the Inauguration.
"Better than Christmas!" exclaimed Sung Yi Hit, of Hit Item Trading Corp.
Business at the Caribou Coffee shop down the block also quadrupled from Saturday through Wednesday.
Caribou Coffee worker, Christinia Brooks, described the days surrounding the Inauguration as, "Insane, hectic, um, crazy busy."
T-shirt vendors expected to spend a couple of days on D.C. streets hawking their wares, but say they're still in town and making money.
"This week, right here, brought more positivity to everybody. The business picked up tremendously," said Jerrod Johnson, a vendor.
Even restaurants didn't expect the crush of hungry diners that started arriving Friday, days before the big day.
"It was excellent for our staff; it was excellent for the neighborhood. I know that a lot of the nation is experiencing a slump in the economy, but here you wouldn't have known it," said Sarah Browne, Manager of Commissary Restaurant.
Hair dressers who normally take vacations this time of year, say they could barely break away from their stations.
"We were really busy. I mean, from probably Wednesday Thursday on all the way through the weekend [until] Tuesday we were really busy. We opened up at noon Tuesday and were busy right up till 8 p.m. when we closed," said Rebecca Haehnle, Parlour Salon.
Some businesses say they still are busier than normal, even though most Inaugural visitors have already left the area. They are hoping it stays that way through the weekend.
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