After adjusting for regional price levels, the per capita personal income in the Washington region was $56,670 in 2016. Of the 15 largest metros, the Washington region had the fourth highest real PCPI. The region’s real PCPI increased 1.4 percent from 2015 but has increased a total of 2.7 percent since 2008, underperforming all other large metros except Houston.
People in the Washington region are working in increasingly diverse ways, but how do these new ways of working affect regional prosperity? A new report from The Stephen S. Fuller Institute and Business Development Advisors considers proprietors’ income to learn more about the dollar value of work in the Washington region that does not involve wage and salary employment. The report shows that nonfarm proprietors’ income makes a substantial and growing contribution to the regional economy.
The Washington Leading Index increased in February 2018, gaining 2.5 percent from February 2017 and building on January’s increase of 1.8 percent. The Leading Index had been positive in eleven of last year’s twelve months, the only exception being December’s decline that was likely linked to severe weather and the continuing budget impasse that threaten a federal government shutdown. This overall strong performance in 2017 has now continued through the first two months of 2018 and points to the region’s continued economic expansion through at least the third quarter of 2018.
This piece ran in the Washington Business Journal in the April 20, 2018 edition. The graphic was prepared by the Washington Business Journal using data supplied by the Institute. In 2016, 42.9 percent of all households in the Washington region had two or more workers. Of the 15 largest metro areas, the region had the second largest…
In 1Q 2018, the Washington region’s housing market performance indicators were mixed. Closed sales decreased from last year, but the homes that sold were on the market for a significantly shorter period of time. The decrease in sales was likely the result of decreased supply and increased uncertainty that resulted from the federal budget standoff. Furthermore, the tight inventory and the low days-on-market did not translate to above average price gains. This combination of housing market performance is unusual for the region. Altogether, it suggests that the market is likely being disproportionately driven by a core group of motivated and discerning buyers, while weak inventory and economic uncertainty subdued the overall pool of buyers.