"J" is for Jobs; That's Good Enough for Me!

By
Real Estate Agent with RE/MAX Allegiance, Managing Broker/Branch Vice President

Let's think for a moment about economic factors that can affect the real estate market:

Supply, demand, interest rate, affordability, credit, incentives, prices...

Then let's think about the one thing that affects a region's economy and in turn the housing market more than just about anything:

JOBS

"J" is for Jobs; That's Good Enough for Me!

(inspired by C is for Cookie)

And it should be good enough for you too.  Jobs, job growth, and unemployment rates are the leading indicators of the strength of a region's economy and without a question, the strength of the job market determines the strength of the real estate market.

Here's a few numbers you should know about the Washington D.C. metropolitan area when it comes to jobs:

35,400 -- the number of jobs added to the D.C. metro area between July 2007 and July 2008

4.1% -- the unemployment rate in the D.C. region -- the lowest of all major metropolitan areas in the United States and well below the national average of 6.0%

Look at the chart below provided by George Mason's Center for Regional Analysis.  It compares job growth in the 15 largest job markets in the country. 

Job Growth -- 15 Largest Job Markets

Job growth indicates population growth.  Population growth determines housing demand.  Create jobs and the housing market will benefit.  Lose jobs (like Detroit) and the housing market will suffer.  It couldn't get simpler than this.

The Washington D.C. metropolitan area continues to benefit from the large number of employment opportunities with the federal government sector, government contracting, military, high technology, tourism, professional services, legal, lobbying and legal services.

Pondering the future direction of the D.C. area housing market?  Follow the job market and sing along with me:

 

"J" is for Jobs; That's Good Enough for Me!

 

Got a job in the D.C. area? Or moving here for a job?  Click here to start your home search.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Virginia Alexandria City County
Groups:
Realtors®
VIRGINIA
Washington, DC Mortgage and Real Estate Issues
Posts to Localism
Localism Success and Accountability Group
Tags:
dc real estate
job growth
northern virginia real estate
unemployment rates
northern virginia real estate blog

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
288,668
Pippa Mac
Chevaux Group Realtor, The Woodlands and Spring - The Woodlands, TX
The Woodlands TX Real Estate

H is for happy to have internet access today! 

Sep 16, 2008 03:58 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
690,633

Brian Block

Northern Virginia & D.C. Real Estate
Ask me a question
*
*
*
*
Spam prevention

Additional Information