DC earns accolades for its job market
Although many factors can influence a city's property values, perhaps none is more important than the particular region's job market. Nothing attracts new residents and persuades them to invest in a home quite like a strong economy and growing job sector. In this respect, the homes for sale in Washington, DC, may be in for a price surge, as the District has continued to gather attention for its healthy employment market.
In fact, a recent study of strong job markets conducted by recruitment firm Adecco listed DC as the best place for job-seekers to find employment. To come to this conclusion, the firm extensively studied local factors in a host of U.S. cities, examining metrics such as unemployment rate, job opportunities and overall economy.
As the District has continued to recover from the recession at an essentially unequaled pace, the top spot on the list isn't likely to surprise many locals. A below-average unemployment rate and bevy of openings helped Adecco settle on DC, but there were several other factors that made the decision even more clear-cut. The continued strength and depth of the government-jobs sector helps ensure a strong base of career opportunities.
However, it might be the younger job markets that most helped the District secure the top spot. Strong pharmaceutical, technology and non-profit fields contributed to the strong employment figures, according to Adecco.
Another component of the District's economy that has seen growth recently is the hospitality sector. In fact, a recent surge in hiring has helped the hospitality industry solidify its prominent position in the local economy. According to the Washington Blade, the hospitality sector is expected to become the single largest employer in the District in the near future.
Currently, hospitality employs approximately 100,000 of the 490,000 private-sector employees in the city. This could translate into rising property values, as the majority of those workers reside in the District.
One reason some experts believe the hospitality sector is growing so quickly is the demographics of the recent population surge in the city. In recent months, thousands of younger residents have bought homes in the city, bringing with them their voracious appetites for entertainment and dining. This, in turn, has helped the city grow into one of the most attractive destinations for young professionals and families, long considered a driving force of a given city's home sales.