DC Area Economic Report - Good News!
This new regional report has come out from the Greater Washington initiative and the news is VERY POSITIVE! I have placed the graphs from their analysis on the left hand side and below. It shows what we all have known about the D.C. metro area.
First, the D.C. region has the lowest unemployment rate of all the major job markets in the United States.
Second, the government and the professional & business services hold about 50% of the jobs in the area.
Third, the DC region in the last 10 years has had one of the largest increases in job growth across the United States.
Fourth, the one area - Professional and business service jobs, which accounts for close to 25% of the jobs in the region, is also area that has had the most amount of growth compared to all the major cities in the U.S.
Fifth, the best news is that the greater Washington Regional Product has continually increased over the past 7 years and is forecasted to continue in this same manner till at least 2012. The reason is because of the number of jobs that are continually getting created in this region.
Sixth, this area is really seen as a great area to live across the United States. As the last three graphs show, we have the highest percentage of good health status compared to the major cities in the United States. As well, the DC region has the largest number of gold rated schools and the high percentage of education attainment in the DC region compared to the major cities in the U.S.
What does this all mean for Real Estate?
Real estate is based on local variables - employment, gross regional product, and employment growth being the most important ones. When individuals are choosing where they want to live they do so based upon where they are able to get a job; as well, if we want housing prices to increase we must also see job growth as that creates the demand. First, jobs will continue in the DC region due to half of the jobs being taken up by the government and Professional and business services. The government jobs will continue to remain here, and the professional and business services has continued to increase for the last 5 years. What allows us to know that this area will continue to develop jobs is that our gross regional product has continued to be very strong, due to this jobs will continue to be developed.
To view the full report please go to Greater Washingtion 2008 Regional Report.pdf
Every single real estate agent should make a copy of this report and make it available to the sellers, buyers, investors and commercial clients!
Please comment or email me know if you have any questions/concerns!
I will look forward to hearing from you all and seeing you in an upcoming workshop!
Prabhjit Singh
psingh@rempower.com
