Strong signs for the District's job market
Over the last several years, the District has earned a reputation as having one of the most stable and expanding local economies in the country. Government jobs have played a large role in the region's health, but private companies have contributed a major boost as well. Looking ahead, fast-growing companies and more businesses moving to the Capitol seem to indicate that the city will retain its position as a stable job market. People who are considering buying one of the homes for sale in Washington, DC, will likely be heartened by this news, as more high-paying jobs could further improve the city's already strong housing market.
Back to work
Since the recession, few cities have grown as steadily or reliably as the District. The unemployment rate in the greater Washington area dropped again in September to 5.3 percent, which is 0.6 percent lower than it was during September 2011, according to the Sun Gazette. Within the city, the joblessness rate also decreased, which was the seventh consecutive month with improved figures, according to The Associated Press.
According to Mayor Vincent Gray, these numbers reflect the success of the city's job-creation and economic development policies.
Although the federal government is considered responsible for a great deal of the city's improving job figures, private companies are also doing their part, according to the Washington Business Journal. The growing tech sector and a flourishing service industry have helped the city attract new job-seeking residents and contributed to the aforementioned decline in unemployment.
Recently, the news source compiled a list of the 50 fastest-growing companies in the District. Including everything from small startups to established international companies, the list demonstrates that there is a great deal of innovation going on in the DC business community.
As the District continues to improve its ability to attract top-flight companies and creative CEOs, it is likely that demand for real estate in Washington, DC, will continue to climb. The city, already known for its long list of cultural attractions, will likely maintain its position as one of the country's most desirable relocation spots.
A city's economic health and its housing market are closely linked, as residents often leave cities with poor economic performance to find a more suitable job market somewhere else. The decreasing unemployment rate and the long list of quickly growing companies suggest that the District - and it's real estate market - are in good shape going forward.