Stephen Fuller, PhD: Dwight Schar Faculty Chair, University Professor, Director at the Center for Regional Analysis at the School of Public Policy at George Mason University gave a talk last week on his 2009 Economic Outlook. Here's a recap of what the experts predict for our local Washington, D.C. Metropolitan economy and real estate market.
Current Conditions for the Washington, D.C. Area
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Our local GDP (Gros Domestic Product) is positvie: at about 1%, versus the national average at about -2.5%
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Employment: Washington, D.C. had an incrase of about 31,100 jobs from Nov 07 - Nov 08 - one of only 5 cities with positive growth (along with Dalls, Houston, Boston, and Seattle).
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Unemployment Rates: DC is lower than the national average of just over 7% - we're at about 4.5% - We have the lowest unemploment rate of 15 of the largest job markets
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Real Estate Price Trends: It appears that from 1999, the Washington Metro area has experienced an increase of about 8% in average sales price each year for all housing types
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Overall: Arlington has the lowest foreclosure rate of all of the counties in Northern Virginia/District of Columiba/Maryland
Future Outlook
- Employment: Overall, they predict a 23.6% employment growth for the entire region
- Economic Outlook: With a little dip this year, Dr Fuller predicts strong growth towards the end of 2008 and into early 2009, he anticipates growth this year and even more into 2010 and beyond.
For details on the entire presentation, visit their website at www.cra-gmu.org
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