DISTRICT OF COLUMBIA S N A P S H O T A MONTHLY UPDATE OF OF THE FIFTH DISTRICT ECONOMY FEDERAL RESERVE BANK OF RICHMOND. May 2018

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1 S N A P S H O T May 1 May Summary Economic reports on the were mostly positive in recent months. Household conditions and housing markets generally improved while employers added a small number of jobs to payrolls in March. Labor Markets: Firms in the added net new jobs (. percent) to their payrolls in March. The most jobs were added in education and health services and leisure and hospitality, as both sectors added jobs in March. The next largest gains came from trade, transportation, and utilities and information, which each gained jobs in the month. Meanwhile, the largest decline was reported by the professional and business services industry (1,1 jobs), followed by other services ( jobs). On a year-over-year basis, payroll employment rose. percent as jobs were added in every industry except the government sector, which shed, jobs since last March. The largest contributors to the net increase over the year were leisure and hospitality (, jobs), information (1,1 jobs), and other services (1,1 jobs). Household Conditions: The unemployment rate in the declined.1 percentage point to. percent in March and was slightly lower than a year earlier. In the fourth quarter of 17, the share of mortgages in the with payments 9 or more days past due was unchanged at 1.1 percent. Delinquency rates for fixed and adjustable rate conventional loans also held constant in the fourth quarter at. percent and.1 percent, respectively. Also in the fourth quarter of 17, real personal income in D.C. rose. percent and was up.1 percent since the fourth quarter of 1. A MONTHLY UPDATE OF OF THE FIFTH DISTRICT ECONOMY Percent 1 A Closer Look at Building Permits Residential Building Permits Issued in the Washington MSA: Year Total 1 Family - Family + Family 1,9 1, ,7 1,79 1,1 17 1,19 1,1 1,7 1 1,7 13,3 13,77 1 1, 1,3 1, , 11 1,91 9,77 9,3 1 1,9 9,3 13 3, 9 1,13 9,1,1 13,9 9,7 1, 7,97 1,91 1, Multi-Family (+ Unit) Share of Total Permits Percent of total housing units permitted Housing Markets: D.C. issued 39 new residential permits in March, up from 7 in February and up from the 77 permits issued in March 17. In the greater Washington, D.C. MSA,31 permits were issued in the month, a decrease of 1.9 percent from February, but an 11.7 percent increase from last March. Meanwhile, housing starts in D.C. totaled 3,9 in March, up from 3, in February. According to CoreLogic Information Solutions, home values in D.C. depreciated.1 percent in February but were up 1.3 percent, year-over-year. In the greater Washington, D.C. metro area, house prices were unchanged in February and rose. percent on a year-over-year basis

2 May 1 Labor Market Conditions Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change in March 1 - Total March 1, Fifth District - Total March 1, Total March Logging, Mining, and Construction March Manufacturing (NSA) March Trade, Transportation, and Utilities March Information March Financial Activities March Professional and Business Services March Education and Health Services March Leisure and Hospitality March Other Services March Payroll Employment Performance - Total Logging, Mining, and Construction Manufacturing (NSA) Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services Government Government March Total Employment Performance Washington, D.C. MSA March 3, Year-over-Year Percent Change in March Fifth District 1.1. Washington, D.C. MSA

3 May 1 Labor Market Conditions Unemployment Rate (SA) March 1 February 1 March 17 Through March Fifth District Washington, D.C. MSA Unemployment Rate Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change March 11, Fifth District March 1,.1.7 March.9.7 Washington, D.C. MSA March 3, Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change March 1, Fifth District March, Labor Force March 1, Year-over-Year Percent Change through March

4 May 1 Household Conditions Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q:17 Real Personal Income 1 Q:17 1,7,.. Fifth District Q:17 1,19,3.1. Q:17 7,79..9 Median Family Income Period Level (s) QoQ % Change YoY % Change Washington, D.C. MSA Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Q1:1 1, Fifth District Q1:1 1, Q1: Mortgage Delinquencies (% 9+ Days Delinquent) Q:17 Q3:17 Q:1 Mortgage Delinquencies All Mortgages Percent 9+ Days Delinquent through Q:17 Conventional - Fixed Rate Conventional - Adjustable Rate All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate

5 May 1 Real Estate Conditions Washington, D.C. MSA New Housing Units Permits: New Private Housing Units (NSA) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through March 1 March 117, Fifth District March 1, March Washington, D.C. MSA March, Total Private Housing Starts (SAAR) Period Level (s) MoM % Change YoY % Change March 1, Fifth District March March Housing Starts Thousands of Units (SAAR) March

6 May 1 Real Estate Conditions House Price Index (=1) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through February 1 February Fifth District February February Washington, D.C. MSA February House Price Index (CoreLogic) Median Home Sales Price - NAR (NSA) Period Level ($s) QoQ % Change YoY % Change Washington, D.C. MSA Q: Median Home Sales Price - NAHB Period Level ($s) QoQ % Change YoY % Change Washington, D.C. MSA Q: Housing Opportunity Index (%) Q:17 Q3:17 Q:1 Washington, D.C. MSA Washington, D.C. MSA Office Vacancy Rate Commercial Vacancy Rates (%) Q:17 Q3:17 Q:1 17 Through Q:17 Office Vacancies Washington, D.C. MSA Industrial Vacancies Washington, D.C. MSA Retail Vacancies Washington, D.C. MSA