Montgomery County, MD Impacted by Massive Furloughs
The uncertainty that is being experienced by thousands of government employees that have been furloughed by the federal shutdown will have a major impact on spending patterns and the area economy. There are eighteen federal agencies and installations located in Montgomery County, Maryland and very large number of government contractors that rely on federal funding. Over 70,000 Montgomery County residents work for the federal government.
One of the major federal agencies in Gaithersburg is the National Institute of Standards and Technology. News reports indicate that only 6,000 of their 46,000 employees will be kept on duty. In Silver Spring, The Food and Drug Administration has furloughed 45% of its 13,000 member work force. Some credit unions have announced that they will allow partial payments or skipped payments for furloughed employees. It is too soon to know the number of families that will need assistance when pay checks are missed.
Will the federal shutdown impact real estate transactions? The simple answer is yes.
Orchids, Lewis Ginter Botanical Garden IMG_3352
Roy and Dolores Kelley Photographs
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