1 / 27

The Washington Economy in 2005 and Beyond

Maryland National Capital Building Industry Association. The Washington Economy in 2005 and Beyond. Stephen S. Fuller, PhD Dwight Schar Faculty Chair and University Professor Director, Center for Regional Analysis George Mason University. May 17, 2005. The Washington, DC-MD-VA-WV MSA (1993).

ian-nixon
Download Presentation

The Washington Economy in 2005 and Beyond

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Maryland National Capital Building Industry Association The WashingtonEconomy in2005 and Beyond Stephen S. Fuller, PhDDwight Schar Faculty Chair and University ProfessorDirector, Center for Regional Analysis George Mason University May 17, 2005

  2. The Washington, DC-MD-VA-WV MSA (1993) Frederick Jefferson Montgomery Clarke Loudoun Warren District of Columbia Arl. Fairfax Alex. Prince George’s Fauquier Prince William Calvert Charles Stafford Spotsylvania

  3. Economic Outlook (GRP) – 2010Washington Area and Sub-state Portions(Annual % Change) % NV MSA SM DC

  4. The Washington Area Economy is Different

  5. % GDP/GRP Trends Washington U.S.

  6. Metro Comparisons Job Change Last Five Years15 Largest Metro Areas Thousands WASHINGTON

  7. 15 Largest Job MarketsJob Change Mar 2004 – Mar 2005 Thousands Washington +70,900

  8. 15 Largest Job MarketsRanked by Unemployment RateMarch 2005 % U.S. 5.4% 3.6 Data not seasonally adjusted

  9. Why Is The Washington Area Economy Different ?

  10. Structure of the Greater Washington Economy Non-Local Business 10% Other Federal 19.4 % Federal 34.5% Procurement 15.0% Local Business 42% Assn 2.5% Hosp. 2.5% Other 3.5% Int’l 5%

  11. Washington Area Core Industries Outlook

  12. Total Federal Spending Washington Metro Area $ Billions 2004 Est. = $106.4 B

  13. Federal Spending by Type1983 - 2003 Billions Current $ Procurement Wages & Salaries All Other

  14. Annual Change in Federal Procurement Spending Washington Metro Area $ Billions 6.1 2004 Est. + $5.36B

  15. 2002-2003 Federal Procurement Spending by Sub-state Area($$ in Billions) $ Billions 02 03 + 4.7% +12.7% +26.9%

  16. Job Growth in the Washington Area

  17. Average = 52,000/Year Washington Metro Annual Job Change: 1980 - 2004 64,200 Year

  18. Share of Washington Area Jobs1970-2005 No. Virginia % of Regional Jobs Sub MD District Year

  19. 1990 - 2004 Share of Job Growth By Sector U.S. vs PMSA %

  20. Mar 04 – Mar 05 Job Change By Sector MSA(000s) Total = 70,900 (Ranked by Size of Sector)

  21. Office-Using Employment In the Washington MSA by Sub-state Area(% private sector)

  22. Employment Change bySub-state Region (000s) (1) 1994-2004

  23. Projected Office Space Requirements in the Washington Area, 2004-2007(in millions of sq ft) * Actual absorption excluding sub-lease space (Delta Associates)

  24. Housing Price IndexWashington PMSA4th Quarter Each Year 1995 Q1=100 1997-2004 = 105.0% 1990-1997 =+3.8% Source: Office of Federal Housing Enterprise Oversight, GMU Center for Regional Analysis

  25. % of Houses Sold by Price Range1999 vs. 2004Washington MSA All Units Percent Source: MRIS, GMU Center for Regional Analysis

  26. Housing Trends Last 5 Years1999 - 2004 • Metro Area average sales price has increased from $205,900 to $371,800, +80.6% (all types) • Total unit annual sales have increased from 78,100 to 120,300 • Average time on the market has declined from 86 days to 28 days • Total sales volume has increased from $16.1 Billion to $44.7 Billion (+ 178%)

  27. www.cra-gmu.org

More Related