Economic Trends and Commercial Construction Indicators for Metropolitan Washington

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Economic Trends and Commercial Construction
Indicators for Metropolitan Washington
Cooperative Forecasting and Data Subcommittee
September 11, 2007
Department of Human Services, Planning and Public
Safety
2
Economic Trends in Metropolitan Washington 2002
2006

• Inflation
• Income
• Retail Sales
• Airline Passengers

• Population
• Employment
• Labor Force
• Construction
• Mortgage Rates, Home Sales, and Housing-Related
  Inflation

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Economic Trends 2002 2006Population Change in
the Washington Region
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Economic Trends 2002 2006Forecast 2005 to 2030
Population Growth
5
Economic Trends 2002 2006At-Place Employment
in the Washington Region
6
Economic Trends 2002 2006Forecast 2005 to 2030
Job Growth
7
Economic Trends 2002 2006Annual Unemployment
Rate
8
Economic Trends 2002 - 2006Net Home Sales in the
Washington Region
9
Economic Trends 2002 - 2006 Housing Units
Authorized in the Washington Region
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Economic Trends 2002 - 2006 Federal Expenditures
by Category, FY04
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Commercial Construction Indicators2006

• 519 Projects
• 33.9 Million Square Feet
• 5.8 Billion Estimated Value

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Commercial Construction Starts 1980 to 2006 Total
Square Feet
13

• Suburban Maryland
• 10.4 million ft2

Commercial Construction Projects in the
Washington Region in 2006
City of Frederick

• Northern Virginia
• 17 million ft2

• District of Columbia
• 6.5 million ft2

Size of Commercial Projects Started in 2006
500,000 - 1,100,000 square feet
50,000 - 249,999 square feet
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2006 Commercial Construction Projects in
Regional Activity Centers and Clusters

• 9.4 Million Square Feet (28 of regions total)
  in Metrorail Station Areas
• 19.5 Million Square Feet (57.5 of regions
  total) in Activity Centers

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Economic Trends in Metropolitan Washington 2002
to 2006
Trends to watch in 2007 and 2008

• Inflation fuel and housing costs interest
  rates and foreclosure rates
• Real Estate slowing of residential market,
  but strong commercial real estate market
• Federal presence Federal procurement, BRAC and
  security-related location decisions