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Numbers Game: What are the important numbers for the DC economy for Q2?

Let’s start with 3.8%

That’s the region’s unemployment rate ending the second quarter of 2016. It is among the lowest among major metropolitan areas in the nation.

75,000

…is how many jobs the Washington DC Metro economy added from June 2015 to June 2016.

That’s well above the historical annual average of 36,000,   and the fourth highest number of new jobs among metros after the New York, Los Angeles and Dallas metropolitan regions.

And how about this one? 2.4%

Which is the annual job growth rate for DC Metro (year-over-year), that has actually eclipsed job growth rates in the New York, Chicago and Boston metropolitan regions.

And job growth was well distributed throughout the region, led by Northern Virginia with nearly 32,000 new jobs, Suburban Maryland with 22,900, and the District of Columbia with 8,800 jobs.

Breaking down the jobs data by sector, growth in office-using employment continues to promise increased demand for office space in the coming quarters for the Washington, DC Metro region.

17,600

…is the number of new positions created in the Professional and Business Services sector since June of 2015. The sector has led the way in job creation, as it has done during the regional economic recovery from the negative effects of sequestration starting in early 2015.

7,000

…is the number of positions that have been recently created in the federal government sector, the most encouraging data since the nadir in total federal employment in June 2014.

This comes after the sector lost nearly 20,000 employees in the Washington, DC region from 2012-2014.

Such a positive economic backdrop should go far in dispelling any perceived notions of a slowdown in the local economy due to uncertainty surrounding the upcoming presidential elections – no evidence supporting this scenario is present in the jobs data.

The material for this article is taken from Cushman & Wakefield’s Washington DC Market Report for Q2-2016. Download the original report here.

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