Download Full Report as a PDF>> As of April 1, 2020, the Washington region was home to 6,371,325 residents, an increase of 735,093 people and 13.0 percent from April 1, 2010. These totals are the result of the once-a-decade full population count produced by the Decennial Census and are the most complete source of information…
Download Full Report as a PDF>> The Washington region lost 197,000 jobs in 2020 and the losses during the pandemic were larger than initially estimated by the Bureau of Labor Statistics. The Leisure & Hospitality sector had the largest percentage losses (-28.8%), followed by Retail Trade (-8.4%) and Other Services (-8.4%); these sectors also had…
Download Full Report as a PDF>> Health Metrics The 2020 Recession has been the result of a health crisis and the health metrics will continue to determine the speed at which the Washington region’s economy recovers. Specifically, changes in consumer behavior in reaction to the abating health crisis will lead to increased economic activity. These…
The 2020 economic recession is the result of the COVID-19 pandemic; activities that were previously safe became higher risk, or had higher uncertainty about their safety, and consumers and businesses changed their behavior in response. This health crisis is not yet resolved and its trajectory will continue to be the main factor in the economic recovery. Similarly, the improving understanding about which activities pose the highest risk and actions that can be taken to mitigate risk will continue to alter consumer and business preferences.
The coronavirus pandemic has ended the longest business expansion on record. Unlike prior business cycles, the Washington region’s economy is not disproportionately insulated from its effects and will mirror the trajectory of the U.S. Based on a scenario in which the coronavirus affects normal operations through May 2020, the national economy is projected to contract 0.2 percent in 2020 and the Washington region’s economy will stall, increasing by 0.1 percent for the year. The effects will be most pronounced for service industries that rely on discretionary spending and those that have strong international ties, especially business that rely on international manufacturing.
