Washington Area Economy: Performance and Outlook

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1 Washington Area Economy: Performance and Outlook Center for Regional Analysis Schar School of Policy and Government George Mason University June 18, 218

2 U.S. Gross Domestic Product 6. Quarterly Change Real GDP (Billions) $18, % $17,5 $17, $16,5 $16, $15, $15, $14,5 $14, $13, $13, Source: Bureau of Economic Analysis (Seasonally Adjusted, Chained 29 Dollars ) % 218Q1 +2.2%

3 (s) 4 Annual Change in Payroll Jobs US Month-Over-Year 2 May = +2.36M Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

4 (s) US Payroll Job Change Month-to-Month May= +223K Source: Bureau of Labor Statistics (Seasonally Adjusted), GMU Center for Regional Analysis

5 US Payroll Jobs Month-to-Month Change (s) Total (Millions) M May +223K Since M Source: Bureau of Labor Statistics (Seasonally Adjusted), GMU Center for Regional Analysis

6 Ranked by Size in 217 Educ & Health Svcs Prof. & Bus. Svcs State & Local Govt Retail Trade Leisure & Hosp. Manufacturing Financial Construction Wholesale Trade Other Services Transp. & Util. Federal Govt. Information Source: Bureau of Labor Statistics (Seasonally Adjusted), GMU Center for Regional Analysis U.S. Payroll Job Change by Sector May 217 May (s) Total = 2,363,

7 U.S. Payroll Job Change by Sector April 218 May 218 Ranked by Size in 217 Educ & Health Svcs Prof. & Bus. Svcs State & Local Govt Retail Trade Leisure & Hosp. Manufacturing Financial Construction Wholesale Trade Other Services Transp. & Util. Federal Govt. Information (s) Total = +223K Source: Bureau of Labor Statistics (Seasonally Adjusted), GMU Center for Regional Analysis

8 % U.S. Unemployment Rate May= 3.8 Source: Bureau of Labor Statistics (Seasonally Adjusted)

9 U.S. Unemployment 15 U-6 UR 1 5 May-13 May-14 May-15 May-16 May-17 May May 7.6% May 3.8% May17 to May18 U-6 -.8% UR -.5% LFPR May 62.7% 6 Source: Bureau of Labor Statistics (Seasonally Adjusted)

10 (s) Initial Claims for Unemployment 4-Week Moving Average May 5: 211K Source: Department of Labor, seasonally adjusted

11 Initial Claims for Unemployment 4-Week Moving Average (s) May 5: 211K 25 2 Source: Department of Labor

12 Average Weekly Earnings U.S., Total Private, Across all Industries $1, $9 $8 $7 $6 $5 $4 $3 $2 $1 $ Average Weekly Earnings Real Average Weekly Earnings ( dollars) May 17 May 18 Avg Hourly Wages +2.2% May 17 May18 Avg Weekly Earnings +3.% May 17 May 18 Real Avg Weekly Earnings +.3% Source: Bureau of Labor Statistics, GMU Center for Regional Analysis

13 Labor Productivity Nonfarm business, seasonally adjusted QOTYC Productivity Index Source: U.S. Bureau of Labor Statistics Base year (1) = 29

14 Consumer Confidence Current Situation Expectations May 218 Cur. = Exp. = 15.6 (1985 = 1) May-12 May-13 May-14 May-15 May-16 May-17 May-18 Source: The Conference Board, GMU Center for Regional Analysis

15 Consumer Prices Forecast > > > (1.) Source: Bureau of Labor Statistics, IHS Economics October 216

16 8. Interest Rates % Yr 1-Yr Treas Fed Source: Federal Reserve Bank of St. Louis

17 Percentage points Only false signal 1-yr./1-yr. yield spread '59 '62 '65 '68 '71 '74 '77 '8 '83 '86 '89 '92 '95 '98 '1 '4 '7 Source: FRB Dallas

18 1-yr./1-yr. yield spread Source: U.S. Treasury, Yield Curve for Treasury Nominal Coupon Issues (TNC yield curve), which is derived from Treasury nominal notes and bonds

19 U.S. New and Existing Home Sales Apr 17 Apr % (s) 7, 6,5 6, 5,5 Existing (Left Axis) (s) , 6 Apr 17-4,5 4, New (Right Axis) 5 4 Apr % +69K 3,5 3, 2, , Source: U.S. Census (New)(Seasonally Adjusted Annual Rate), National Association of Realtors (Existing)

20 Growth in Total Consumption Outlays 6 5 Forecast > > > > Source: Bureau of Economic Analysis, IHS Economics October 216

21 % U.S. Economic Performance Percent Annual Change Forecast > > > > > > GDP Non-Res: Structures Bus. Inv.-Eq & Sfwr Residential Fixed State & Local Federal Source: Bureau of Economic Analysis, IHS Economics October 216

22 $/barrel Oil Prices $ per barrel Forecast > > > > > Source: IHS Economics October 216

23 % 2.5 U.S. GDP (Annual % Change) % Source: Bureau of Economic Analysis, GMU Center for Regional Analysis, Forecast: January, 217

24 The Washington Economy

25 Population Change Elements of Population Change Washington MSA 12, +2.% +1.7% +1.5% +1.1% +1.% +1.% +1.1% 1, 8, 6, 23,864 6,843 3,143 37,183 39,715 39,358 41,48 45,41 45,66 44,76 4, 2, 49,16 49,169 47,79 48,651 47,832 44,882 42,616-2, -4, Net Domestic Migration Net Int'l Migration Natural Increase -23,29-31,483-31,492-21, Source: US Census Bureau, Population Estimates Program, V217

26 (s) 15 Annual Job Change MOTYC Washington MSA Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

27 11 Annual Job Change - Washington MSA MOTYC Non-Farm Jobs s s 3, ,3 3,2 3,1 3, 2,9 May 17- May K Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis 2,8 May-18 Total: 3,328 K

28 (s) 4 Annual Job Change MOTYC District of Columbia Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

29 25 Annual Job Change District of Columbia MOTYC Non-Farm Jobs s s May 17- May K Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis 68 May-18 Total: 798 K

30 (s) Annual Job Change MOTYC Suburban Maryland Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

31 3 Annual Job Change Suburban MD MOTYC Non-Farm Jobs s s 1, ,2 1, May 17- May K Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis 88 May 18 Total: 119 K

32 Annual Job Change MOTYC Northern Virginia (s) Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

33 5 Annual Job Change Northern VA MOTYC Non-Farm Jobs s s 1, ,45 1,4 1,35 1,3 May 17- May K Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis 1,25 May-18 Total: 1,488 K

34 Professional & Business Services Education & Health Services Federal Government State & Local Government Leisure & Hospitality Retail Trade Other Services Construction Financial Activites Information Transportation & Utilities Wholesale Trade Manufacturing Employment Composition by Sector May 218 Washington MSA 6.3% 4.9% 4.8% 2.3% 2.1% 1.9% 1.7% 1.9% 1.3% 1.1% 8.5% 13.4% 22.9% Source: US Bureau of Labor Statistics, Current Employment Statistics % 5% 1% 15% 2% 25% 34

35 (Ranked by Size in 217) Prof. & Bus. Svcs Educ & Health Svcs Federal Govt. State & Local Govt Leisure & Hosp. Retail Trade Other Services Construction Financial Information Transp. & Util. Wholesale Trade Manufacturing -7.2 Job Change by Sector May 217 May 218 Washington MSA (s) Total = 41, Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

36 (Ranked by Size in 217) Prof. & Bus. Svcs Educ & Health Svcs Federal Govt. State & Local Govt Leisure & Hosp. Retail Trade Other Services Construction Financial Information Transp. & Util. Wlse Trade Manufacturing -1.3 Job Change by Sector April 218 May 218 Washington MSA (s) Total = 25, Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

37 (s) Professional & Business Services Washington MSA Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis May 17- May K MOTYC Total Jobs May-18 Total: 761.1K

38 (s) 25 Professional & Business Services Washington MSA Month Over the Year Change Prof., Sci. & Tech. Svcs & Mgt. Admin. & Waste Mgt Feb-1 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

39 (s) Federal Government Washington MSA (s) May 17- May 18-7,2 MOTYC Total Jobs Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis May-18 Total: 362K

40 $ Billions Federal Procurement in the Washington MSA (Fiscal Years) 82.4 TOTAL = $1,388.5 Billion Source: US Census, Consolidated Federal Funds Report and USAspending.gov

41 (Ranked by Size in 217) Federal Govt. Prof. & Bus. Svcs Educ & Health Svcs Leisure & Hosp. Other Services State & Local Govt Financial Retail Trade Information Construction Transp. & Util. Wholesale Trade Manufacturing Job Change by Sector May 217 May 218 District of Columbia -4.3 (s) Total 5, Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

42 (Ranked by Size in 217) Federal Govt. Prof. & Bus. Svcs Educ & Health Svcs Leisure & Hosp. Other Services State & Local Govt Financial Retail Trade Information Construction Transp. & Util. Wlse Trade Manufacturing Job Change by Sector April 218 May 218 District of Columbia (s) Total Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

43 (Ranked by Size in 217) Prof. & Bus. Svcs Educ & Health Svcs State & Local Govt Retail Trade Leisure & Hosp. Federal Govt. Construction Financial Other Services Manufacturing Wholesale Trade Transp. & Util. Information Job Change by Sector May 217 May 218 Suburban Maryland (s) Total:2, Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

44 (Ranked by Size in 217) Prof. & Bus. Svcs Educ & Health Svcs State & Local Govt Retail Trade Leisure & Hosp. Federal Govt. Construction Financial Other Services Manufacturing Wholesale_Trade Transp. & Util. Information -1.4 Job Change by Sector Apr 218 May 218 Suburban Maryland (s) Total 8, Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

45 (Ranked by Size in 217) Prof. & Bus. Svcs Educ & Health Svcs State & Local Govt Retail Trade Leisure & Hosp. Federal Govt. Other Services Financial Construction Transp. & Util. Information Wholesale Trade Manufacturing -.9 Job Change by Sector May 217 May 218 Northern Virginia Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis (s) Total 24,

46 (Ranked by Size in 217) Prof. & Bus. Svcs Educ & Health Svcs State & Local Govt Retail Trade Leisure & Hosp. Federal Govt. Other Services Financial Construction Transp. & Util. Information Wholesale Trade Manufacturing -1.4 Job Change by Sector Apr 218 May 218 Northern Virginia Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis (s) Total 12,

47 Unemployment Rates in the WMSA By Sub-State Area DC 3.9 U.S. 3.5 SMD 3.1 MSA 2.4 NVA 2 Source: Bureau of Labor Statistics (Region - Not Seasonally Adjusted, US Seasonally Adjusted)

48 Prof. & Bus. Svcs Educ & Health Svcs Retail Trade Leisure & Hosp. Construction Other Services WMSA Payroll Job Change: Private Sector The Great Recession and Recovery Financial Information Manufacturing Wlse Trade Transp. & Util Total Total Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis Aug 28-Feb 21 Feb 21-Sep 216 (s)

49 Largest Job Markets Ranked by Unemployment Rate April US: 3.9 Mar 18- Apr 18 WSH -.5% Source: Bureau of Labor Statistics (Region - Not Seasonally Adjusted, US Seasonally Adjusted)

50 (s) Largest Job Markets Job Change: May 217 May Washington +41,3 4 2 Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

51 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 15 Largest Job Markets Job Change: May 217 May 218 Washington +1.3% Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

52 (s) 3.% 2.5% 2.% 15 Largest Job Markets Job Change: Washington + 1.6% 1.5% 1.%.5%.% Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

53 (s) 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% -.5% 15 Largest Job Markets Job Change: Washington + 1.9% Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

54 (s) 4.5% 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 15 Largest Job Markets Job Change: Washington + 1.9% Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

55 (s) 4.% 15 Largest Job Markets Job Change: % 3.% 2.5% Washington + 1.8% 2.% 1.5% 1.%.5%.% Source: Bureau of Labor Statistics (Not Seasonally Adjusted), GMU Center for Regional Analysis

56 4 2 % U.S. GDP and Washington Area GRP (Annual % Change) U.S. % -2 Washington Source: Bureau of Economic Analysis, GMU Center for Regional Analysis, Forecast: January, 217

57 % % Economic Outlook (GRP), Washington Area and Sub-State Areas (Annual % Change) NV MSA SM DC Source: GMU Center for Regional Analysis, Forecast: April 216

58 Employment Change in the Washington MSA (Thousands of Jobs) Annual Totals Source: BLS, GMU Center for Regional Analysis (March 218) Average Annual Change = 39,8

59 8 7 Employment Change in the Washington MSA (Thousands of Jobs) Dec-Dec Source: BLS, GMU Center for Regional Analysis (March 218)

60 Employment Change in the WMSA by Sub-State Area (s) Annual Totals D.C Sub. MD No. VA REGION Source: BLS, GMU Center for Regional Analysis (March 218) NOTE: The sub-state totals do not include Jefferson, WV. Average Annual Change = 38,9

61 Employment Change in the WMSA by Sub-State Area (s) (Dec Dec) D.C Sub. MD No. VA REGION Source: BLS, GMU Center for Regional Analysis (March 218) NOTE: The sub-state totals do not include Jefferson, WV.

62 Long commutes diminish quality of life Proportion of workers with travel time to work of 6 or more minutes New York Washington SF-Oakland Atlanta Chicago Boston Los Angeles Seattle Philadelphia Houston Miami Dallas United States Phoenix Detroit Minneapolis 5.5% 14.5% 14.1% 13.8% 13.3% 12.2% 11.6% 11.2% 1.7% 9.3% 9.1% 7.6% 7.2% 17.8% 17.2% 21.8% % 5% 1% 15% 2% 25% Source: US Census Bureau, 216 American Community Survey, Table S82 62

63 Annual change in Metrorail Average Weekday Passenger Boardings Metrorail ridership is in decline 15.% 1.% 5.% DC Maryland All Metro Alexandria Arlington Fairfax.% -5.% -1.% -15.% * Source: Washington Metropolitan Area Transit Authority (WMATA)

64 64

65

66

67 The contributions of foreign-born, non-citizen workers to the Washington region s workforce 67

68 Source: 216 American Community Survey, Public Use Microdata Sample (PUMS) files 68

69 Most Foreign Born, Non-Citizens originate from Latin America El Salvador 23.5% India Guatemala Mexico Honduras 6.2% 6.1% 5.8% 5.6% Ethiopia China Bolivia Philippines Canada Bangladesh 3.1% 3.% 2.9% 2.7% 1.%.7% % 5% 1% 15% 2% 25% Proportion of Total Foreign-Born, Non-Citizen Workers Source: US Census Bureau ACS 216, GMU Center for Regional Analysis 69

70 Source: 216 American Community Survey, Public Use Microdata Sample (PUMS) files 7

71 Majority of foreign-born, non-citizen workers have been here 1 years or more 6% 5% 4% Year of Entry, Non Citizen Foreign Born Workers MWCOG Region 48.3% 3% 2% 1% % 22.2% 17.2% 8.4%.2%.5% 1.5% 1.8% before or later Source: US Census Bureau ACS 216, GMU Center for Regional Analysis 71

72 Percentage of Workers Foreign-born, non-citizen workers are about as likely to have a post-secondary degree as all workers nationwide 35% 3% 29.4% Non-Citizen, Foreign-Born Workers Greater Washington Region Workforce 25% 27.4% 25.8% 2% 2.9% 22.7% 15% 16.% 16.2% 16.% 17.5% 1% 5% 8.2% % Less than High School High school diploma/ged Source: US Census Bureau ACS 216, GMU Center for Regional Analysis Associates degree or Some College Bachelors Degree Graduate or Professional Degree 72

73 Several occupational groups rely heavily on foreign-born, non-citizen workers Foreign-Born, Non-Citizen Workers % of Total Occupation Workforce Occupation Group Construction & extraction 65, % Cleaning & maintenence 52, % Farming, fishing, & forestry 1,15 38.% Food preparation & serving 43, % Production 14,22 28.% Healthcare support 1,3 21.6% Personal care & service 21, % Transportation & material moving 22,87 2.7% Life, physical, & social science 1, % Installation, maintenance, & repair 9, % Sales 33, % Computer & mathematical 21,52 1.1% Healthcare practitioners 11,42 8.7% Financial specialists 8,7 8.6% Office & administrative support 27,98 8.6% Source: 216 American Community Survey, Public Use Microdata Sample (PUMS) files 73

74 Housing Market Trends

75 Thousands Inventories of Existing Homes Month-Over-Year , MSA % Chg Inv Inventory May -2.7% Source: Bright MLS, GMU Center for Regional Analysis. Total monthly inventory includes listings active at the end of the month plus sales during the month.

76 (2.) (4.) (6.) Percent Change in Inventories of Existing Homes Month-Over-Year 2 217, MSA May -2.7% Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis. Total monthly inventory includes listings active at the end of the month plus sales during the month.

77 16, Existing Home Sales Washington MSA Through May , 12, 1, 8, 12-Month Moving Average 9,11 May 218 6, 4, 2, Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

78 2, 1,5 1, , -1,5-2, Existing Home Sales Washington MSA Month-Over-Year Change +99 May 218 Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

79 3, Washington MSA Building Permits , 3-Month Moving Avg 2,5 2, May 2,164 1,5 1, 5 Source: Census Bureau, GMU Center for Regional Analysis

80 4, 35, (s) Inventory and Permits Washington MSA Inventory Permits 4, 3,5 3, 3, 25, 2,5 2, 2, 15, 1,5 1, 1, 5, 5 Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

81 8% 6% (s) MOTY Change in Existing Sales and Permits Washington MSA (12 month Moving Average) Permits Existing Home Sales 4% 2% % -2% -4% Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

82 (s) (s) Median House Sales Price Washington MSA $442 K May 218 Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

83 Median House Sales Price (s) 7 12 per. Mov. Avg. (Washington MSA) 12 per. Mov. Avg. (Arlington) 12 per. Mov. Avg. (Alexandria City) Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

84 (s) 7 Median House Sales Price Washington MSA Arlington 6 $56K 5 4 $442 K May Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

85 Median House Sales Price ($s) 7 12 per. Mov. Avg. (Arlington) 12 per. Mov. Avg. (Fairfax County) 12 per. Mov. Avg. (Loudoun County) Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

86 Number of Sales ($s) per. Mov. Avg. (Arlington) 12 per. Mov. Avg. (Fairfax County) 12 per. Mov. Avg. (Loudoun County) Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

87 Median Sales Price Percent Change (MOTYC) Washington MSA Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

88 % Average Sales Price Percent Change (MOTYC) Washington MSA Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May= $52K

89 % Average Sales Price Percent Change (MOTYC) District of Columbia Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May = $733K

90 Average Sales Price Percent Change (MOTYC) Suburban Maryland % Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May = $425K

91 % Average Home Sales Price Percent Change (MOTYC) Northern Virginia Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May = $512K

92 Total Listings Per Sale Sep Each Year PG MONT ARL PW FFX LDN DC Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

93 Total Active Listings Per Sale February Each Year Metro Area Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis

94 (%) MOTY Change 12 per. Mov. Avg. ($ Sales) (s) $8 2 Average Home Sales Price Northern VA - Single Family Detached $7 $6 $5 $4 $3 $2 $1 $ Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May 218 = $687,26, +4%

95 (%) MOTY Change 12 per. Mov. Avg. ($ Sales) (s) $ Average Home Sales Price Northern VA - Single Family Attached $45 $4 $35 $3 $25 $2 $15 $1 $5 $ Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May 218= $452,148, + 4.7%

96 (%) MOTY Change 12 per. Mov. Avg. ($ Sales) (s) $4 25 Average Home Sales Price Northern VA - Condos $35 $3 $25 $2 $15 $1 $5-1 $ Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May 218 = $335,191, + 5.4%

97 Average Home Sales Price DC- Single Family Detached (%) MOTY Change 12 per. Mov. Avg. ($ Sales) (s) $1,4 $1,2 $1, $8 $6 $4 $2 $ Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May 218= $1,58,149, - 5.4%

98 (%) MOTY Change 12 per. Mov. Avg. ($ Sales) (s) $9 4 Average Home Sales Price DC- Single Family Attached $8 $7 $6 $ $4 $3 $2 $1 $ Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May 218= $839,19, +4.6%

99 (%) MOTY Change 12 per. Mov. Avg. ($ Sales) (s) $ Average Home Sales Price DC- Condos Source: Metropolitan Regional Information Systems (MRIS), GMU Center for Regional Analysis May 218= $553,828, +2.5% $6 $5 $4 $3 $2 $1 $

100 Where are we? We are growing: Some diversification Some catch-up Recent job growth across all wage levels Growth will continue in 217, but at a moderating pace Advantages Government Center International Institutions Connectivity to the World Concentration of Leaders Access to capital High Quality-of-Life Diverse Population Higher Education Educated Work Force Advanced Occupational Specializations Challenges Drain the swamp/sequester Further market shifts needed Cost of living/doing business Mobility Access to capital Regional branding / cooperation Globally competitive? Understanding changing nature of jobs Productivity

101 Thank You Questions cra.gmu.edu

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