Greater Washington Initiative Says DC-Area Hot
Sunday, June 15th, 2008The national unemployment rate is on the rise. The economy is suffering and many employers are having to layoff workers. Still, Washington DC continues to fair better than most of the nation, according to a report recently issued by the Greater Washington Initiative.
The economic slowdown which started in 2007 has yet to have a great effect on Washington DC jobs. The report found that the federal government once again provided a large portion of jobs in the area last year. This sector also spent $62 billion in the city, which has gone along way to keeping the local economy strong. The amount of money spent for the federal government is up significantly from 2000, when it spent approximately $30.5 billion in the region. According to the GWI, which is part of the Greater Washington Board of Trade, found that sector had an average growth rate of around 10 percent a year.
During the ten year span from 1997 to 2007, approximately 721,000 new Washington DC jobs were created. This means that the area has the second highest growth out of all of the country’s major metros, second only to New York City. Of the new Washington DC jobs added during this time, nearly 23 percent were in the professional and business services sector, which is the largest industry in the region.
Chairman of GWI, Sam Schreiber, said in a recent statement that the report draws notice to the fact that the region is a great place for business. “Greater Washington’s economy is strong, diverse and resilient, our work force is highly educated and we have the highest median household income in the nation,” he said. “This is where business thrives.”
The report used data from 2006, which is the most recent available at this time. It also found that two years ago, 21.2 percent of the city’s residents who were 25 or older had graduate or professional degrees. According to the GWI, this is the highest ratio in the country. This means that residents are more prepared for the workforce but that completion for Washington DC jobs that require advanced education is likely more intense.
In 2006, the median household income in the area was $79,500, which is also the highest in the nation. Of the counties that make up the metro area, 11 made the list of 25 highest median household incomes in America. Topping the list was Fairfax count, where the-middle-of-the-road resident makes $100,300. The report did not mention whether or not the cost of living was taken in to consideration when deciding which areas made the list.