Dr. Terry Clower spoke regarding the United States Economic Outlook for 2018 at the 26th Annual NOVA Chamber of Commerce Economic Conference.
The Washington DC Metropolitan Area Continues to Show Lackluster Economic Growth The US Bureau of Economic Analysis released data on 2016 Gross Domestic Product by Metropolitan Area. In 2016, the Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area (Hence forth, the Washington Metro Area) had a $449.3 billion economy. This represents an increase of 1.1 percent over the revised 2015 figure of $444.4 billion. Between 2015 and 2016, the Washington Metro Area GDP grew slower than the national […]
The Growth and Diversification Plan outlines the types of programs best poised to create jobs throughout the Northern Virginia Region. Read the Plan
Public transportation viability and accessibility are vital to the regional economy, especially in the Washington Region where we currently hold the second longest commute time in the nation. The Washington Metropolitan Area Transit Authority is facing several challenges due to funding, administration, and performance issues, especially with its Metrorail system. As the system continues in a period of line closures (safe-tracking), rate hikes, and funding issues, we at CRA are keeping a close eye on Metro related […]
The housing market in the Washington metro area continues to tighten as median sales price is highest March level of the decade, sales and pending sales are at decade highs, and inventory levels decline for the eleventh month in a row March 2017’s median sales price of $420,00 was up 5.3% or $21,000 compared to last year. This is the highest March median sales price of the last decade, easily topping the prior high of $400,000 seen […]
National employment situation numbers released this morning show payroll employment increasing by only 98,000 and the unemployment rate decreasing 0.2 percentage points to 4.5 percent. The professional and business services sector saw the largest growth at an additional 56,000 jobs and for the second straight month, retail trade lost nearly 30,000. Total employment is up 2.18 million from March 2016. The relatively small jobs growth could be due to large February jobs numbers, boosted by unseasonably good weather […]
New metropolitan area employment and unemployment numbers released today show continued job growth for the Washington region with 18,300 jobs added in February. This is an increase of 62,400 jobs over February 2016, with the sectors of Professional & Business Services and Leisure & Hospitality leading the pack. The unemployment rate remains constant at 3.9 percent, below the nation rate of 4.7. Between February 2016 and February 2017, Suburban Maryland saw its largest job growth since 2000, […]