Young, Urban, Hip = Economic Prosperity
That's the D.C. metropolitan area. Once thought of as just a government town, the District of Columbia and the surrounding areas of Northern Virginia and Suburban Maryland are now attracting that vital demographic of young, urban professionals between the ages of 18 and 34. (Note: I turn 35 in July. Does that mean I know longer fit into the category of young according to all these studies?)
Bizjournals.com named the Washington D.C. area as the third best place in the nation for job opportunities for young adults. According to the article "Economic vitality goes to youthful metros," Washington has an insatiable need for lawyers, lobbyists, legislative aides (and other jobs that start with the letter "L")
The article states that "having a high percentage of young adults can be an indicator of economic success. It tells marketers where to concentrate their efforts, entrepreneurs where to start businesses, and college graduates where to look for work."
How does the youth influence the economics of the metropolitan area?
Consider this:
- Young markets (where more than 25 percent of residents are 18-34) have experienced 2.1 percent population growth per year since 2000 compared to a growth rate of 0.3 percent for old markets (defined as less than 22 percent young adults).
- Annual rate of job growth is 1.9 perent in young metros compared to 0.4 percent for old metro areas
- Personal income climbing at median pace of 3.4% /year in young markets compared to 2.8% in older markets.
The Young, Urban, and Hip are not ready for the far-out suburbs quite yet. Witness the growth of new and stylish condos along the Orange and Blue Metro Lines in Arlington & Alexandria. While a white-picket fence, 2.2 kids, and a large backyard may be in the future, today's wi-fi texting youth (apparently a group that I will soon be exiting as of July) prefers the convenience and low maintenance of condo living.
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Brian, I noticed the transformation of the DC area becoming the "hip" place last time I visited. I always make sure to get to Dupont Circle for a little people watching.
Have yet to go to DC and it's one of the places I really would like to visit. I have heard that before that for any young professional it's the place to be.
I lived in the DC area for six years. It is interesting to read about the changes you describe. Thanks.
Brian.... I was watching the Phillies / Nationals game last night.... and they were talking about the office buildings, condos, and shops that were going to be built outside the stadium. You know this will attract some of the hip hop... younger... but it will be expensive around that area also.
My cousin just graduated Notre Dame 2 years ago with an Architect major. He is working for a firm right outside of DC and lives in the area.... and he can hardly survive with his salaray....
But overall, we do need to pay attention to the younger aged professionals....
Hey, I have a CEO coming from your neck of the woods tomorrow to take a look at a condo in Pelican Bay...I almost asked if he knew you but I thought I'd save it til at least he gets here! :)
Hi Brian, I was young and hip when I lived in Washington, I went to college there.
There is a demographic shift taking place, re-urbanization. The 18-34 demographic may never have the white picket fence but many are having more than 2.2 kids and they are raising them in the city. In their late 30's and early 40's many become wealthy with large families buying 3 -7 bedroom condos (mansions in the sky)
Brian - that's great news for you and Washington DC. Doesn't hurt that it's an election year which always puts the spotlight back on DC not to mention lots of people moving in and out!
I envy the transit system in DC and can see why people want to be close to it. Easy cheap and safe nice combination.
I love the DC area, and would love to be back there! I lived there for over 10 years.
DUANE: DuPont Circle is definitely a prime location for people watching. Thanks for your comment. Give me a buzz next time you're in town.
HEATHER: What's stopping you? Come and visit!
Brian, I will do. Now that I'm not involved with the National Home Builders Association's Board of Directors (although I'm still a life director of NAHB) I don't get to DC like I use to. May just be for pleasure next time...
SHIRLEY: The D.C. area most certainly has become more exciting, more hip, and with a younger demographic than in years past.
JEFF: The area around the stadium is definitely going through a revitalization. I'm looking forward to attending my first game there in July.
SHANNON: Ha Ha! Let me know. Also let me know if he's got a home to sell up here!
MITCHELL: Definitely true! Thanks for your comment.
CYNDEE: Yes, the election year cycle definitely helps turnover here in the area.
CYNDEE: Yes, the election year cycle definitely helps turnover here in the area.
TERRY: The D.C. Metro system is terrific -- affordable transportation, convenient and reliable.
JIM: Come back anytime!
DUANE: Thanks!