Unemployment drops and tech scene heats up in DC
Perhaps no attribute of a city is more crucial to its livability than a strong economy. An abundance of stable, high-paying jobs as well as an innovative and growing worker base can help make any metro a much more desirable place to live and attract new residents. The news, therefore, that the District's economy is showing many positive signs may mean that real estate in Washington, DC, is becoming increasingly valuable.
Mayor Vincent Gray gave a speech highlighting some of the city's economic indicators recently, according to the Huffington Post. The capstone of the address was the news that DC's unemployment rate, which was already below the national average, dropped further last month, bringing it to its lowest level since February 2009.
"I'm thrilled that our efforts to reduce unemployment in the District continue to pay off - and especially in areas that have been hit hardest by the recent recession," he said.
Unsurprisingly, one major cause for this reduction was a strong stretch of added jobs. According to the mayor's office, July witnessed the addition of 13,100 jobs. When compared to the relatively small number of newly unemployed residents, 600, it is easy to see how the rate dropped to its lowest level in more than three years.
One reason Gray gave for the increase of jobs is the influx of new sectors into the metro's economy, especially private sector jobs. Perhaps the strongest example of this is the emerging technology scene in the District. In the last few years, according to The Washington Post, this segment of the economy has undergone rapid growth. The rate of this expansion is perhaps most evident in the number of young tech start-ups throughout the city.
"DC is going through a second coming of technology," Dan Berger, founder of Social Tables, a new event planning start-up, told the news source.
Berger is not alone. The list of recently started tech companies in the metro is quickly getting long, which could partially explain the city's relatively strong economy.
It could also play a role in the growing demand for housing within the metro area. According to Arlington Real Estate News, more than one-third of the properties sold in DC during July were on the market for fewer than 10 days.
With dropping unemployment, a rising tech scene and homes selling quickly, now may be the perfect time to consider buying one of the houses for sale in Washington, DC.