The Washington DC Regional Economic OutlookDuring the 2nd quarter of 2008, the Washington metro area job growth during the past 12 months outpaced the same period in 2007. The effects of foreclosures on the DC area housing market will begin to diminish when the subprime mortgage resets run their course. Resets for subprime mortgages are expected to stop at the end of this year. The DC metro real estate region remains one of the top economic centers in the nation with a low unemployment rate and one of the strongest economic bases.
Job Growth and Unemployment
Ranked the 4th largest job base among metro areas, the Washington DC metro area has over 3 million payroll jobs with more on the way. Total employment grew by 35,400 jobs over the past 12 months ending July 2008. The D.C. government sector added 13,700 jobs, the professional business sector added 11,600 jobs, Health and Education added 9,600, and the Construction and Financial sectors lost 5,100 and 2,700 jobs (due to the credit crisis) over the past 12 months. The Washington DC metro area has the lowest unemployment rate among comparable metro regions with 3.5%, the national rate is 5.5%.
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