Young, Urban, Hip = Economic Prosperity
That's the D.C. metropolitan area. Once thought of as just a government town, the District of Columbia and the surrounding areas of Northern Virginia and Suburban Maryland are now attracting that vital demographic of young, urban professionals between the ages of 18 and 34. (Note: I turn 35 in July. Does that mean I know longer fit into the category of young according to all these studies?)
Bizjournals.com named the Washington D.C. area as the third best place in the nation for job opportunities for young adults. According to the article "Economic vitality goes to youthful metros," Washington has an insatiable need for lawyers, lobbyists, legislative aides (and other jobs that start with the letter "L")
The article states that "having a high percentage of young adults can be an indicator of economic success. It tells marketers where to concentrate their efforts, entrepreneurs where to start businesses, and college graduates where to look for work."
How does the youth influence the economics of the metropolitan area?
Consider this:
- Young markets (where more than 25 percent of residents are 18-34) have experienced 2.1 percent population growth per year since 2000 compared to a growth rate of 0.3 percent for old markets (defined as less than 22 percent young adults).
- Annual rate of job growth is 1.9 perent in young metros compared to 0.4 percent for old metro areas
- Personal income climbing at median pace of 3.4% /year in young markets compared to 2.8% in older markets.
The Young, Urban, and Hip are not ready for the far-out suburbs quite yet. Witness the growth of new and stylish condos along the Orange and Blue Metro Lines in Arlington & Alexandria. While a white-picket fence, 2.2 kids, and a large backyard may be in the future, today's wi-fi texting youth (apparently a group that I will soon be exiting as of July) prefers the convenience and low maintenance of condo living.
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Brian Block -- Northern Virginia & D.C. Real Estate
Brian, I noticed the transformation of the DC area becoming the "hip" place last time I visited. I always make sure to get to Dupont Circle for a little people watching.