tag:blogger.com,1999:blog-7148225.post-48991755689973462472007-11-05T08:47:00.000-05:002007-11-05T09:01:55.017-05:00Hi! I've been reading the MRIS Q3 2007 Trends Report which was just released. Here are some of the highlights for the Washington area. I'll cover the Baltimore area tomorrow, followed by trends analyses for Houses for Sale and the Condo Market and a summary for the area.<br /><br /><br />Overall, the Washington area economy continues to expand, but at a slower pace.<br /><br />Job Growth:<br /><br />With 3.0 million payroll employment jobs, the Washington metro area has the fourth largest job base among metro areas, behind New York, the LA Basin and Chicago.<br /><ul><li>Over the 12 months ending August 2007, 47,600 new payroll positions were added to the Washington metro area – 5.8% above the 15-year annual average of 45,000. </li><li>Northern Virginia created 41% of all new payroll positions in the Washington metro area in the last 12 months. Suburban Maryland created 37% and the District of Columbia created 22%.</li></ul><p>Unemployment Rate: </p><ul><li>The Washington area unemployment rate was 3.0% in August 2007, down from 3.3% one year ago. The current rate is the lowest in the nation among major metro areas and compares favorably to the national rate of 4.6%. </li></ul><p>Washington Area Outlook:</p><p>We expect the Washington metro area economy to end 2007 on solid footing. Although growth has slowed compared to the past three years, we predict conditions will improve over the next two years, compared to 2007.</p><p>The Professional and Business Services sector should continue to lead job growth, as government contractors and law firms spur growth in this sector. The shift in Congress to Democratic control should not reduce procurement spending, as the 2008 election is near. However, how the spending is delegated in the near-term could transfer some of the spending from Northern Virginia’s defense contractors to Suburban Maryland’s health contractors. </p>Judi Stullhttp://www.blogger.com/profile/04828519791386054920noreply@blogger.com