While national employment numbers that were released yesterday were disappointing and battered the stock market, things are different here in the D.C. area. According to data released this past week, unemployment in the Washington area dropped substantially in April to an unemployment rate of 5.9% compared with 6.6% in March.
According to Stephen Fuller, director of the Center for Regional Analysis at George Mason University, "the losses are shrinking, and we're getting more gains." The Washington Post reported that while the federal government and Washington area health and education sectors continued hiring throughout the recession, in April 2010, retail and hospitality sectors also added jobs, as well as nonprofit associations, and professional and business services.
The net job gain in the D.C. area is the highest in the United States.
More jobs = More People = More House Sales -- This sounds like a winning formula for the D.C. region and the D.C.'s economy.
Unlike the mathematics pictured above, this is a simple equation!
While the stock market may continue to be a bumpy ride, the D.C. area real estate market has continued to stabilize.
Contact me at 703-626-0715 or brian@brianblock.com for a free analysis of your real estate goals.
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Brian, I heard about this yesterday. Looks like thing are looking up in our region. Thanks.
Brian - Great news for Wash DC indeed ! Awesome and something to keep an eye on. I have a feeling that the numbers are not as bad as the media makes them out to be and now may set the stage for next month to exceed expectations. One silver lining with the market falling 3 percent yesterday is that mortgage rates went lower too. ~ Chris
Brian, thanks for the update on unemployment in the DC area! BTW - love the photo of math formulas.
And I know to whom all those home inspections ought to go!
Brian - I also heard about this and it is indeed good news for the DC area!