Greater Washington's Resilience Resurfaces in 2023

1.       Job growth in Greater Washington stabilized in early 2023 and by June accelerated to not only exceed the U.S., but also other U.S. global gateway metro areas (except Boston).

2.       Employment losses since last fall in Greater Washington’s federal government sector appear to be stabilizing. However, hiring trends in the federal government at the national level suggest there may be improved hiring locally.

3.       Population trends are reversing from the pandemic outmigration, boosting local economic activity.

4.       Real estate markets in Greater Washington are benefitting from the relative stability, incurring less severe increases in vacant space compared to national trends and most other global gateway markets.

5.       The resilience and relatively positive momentum may falter alongside a slowing national economy in the second half of 2023, but also suggests Greater Washington may be able to skirt the harsher effects of a potential recession as it has in previous downturns.