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Washington DC Metro Shows Largest Over-The-Year Employment Increase

February 3, 2011  |  by Jonathan Miller

Housing markets depend on employment to drive demand. In fact employment is the single most important factor in driving the demand for housing.

I think many of us forgot this simple rule during the credit boom of a few years ago when no one technically needed a job to get a mortgage to buy a home. I’m not sure if a long term lesson has been learned, but I am hopeful we are headed in the right direction.

In keeping up with employment trends, I took encouragement from the just-released US Department of Labor’s Bureau of Labor Statistics December 2010 report on metropolitan area employment.

The Key Points

• National unemployment fell to 9.1% (not seasonally adjusted) from 9.7% a year earlier.
• Washington DC metro had the lowest jobless rate: 5.7% percent.

and…

• 200 metropolitan areas reported over-the-year increases in nonfarm payroll employment, 156 reported decreases, and 16 were unchanged.
• Washington DC metro had the largest year over year increase in nonfarm payroll employment: 57,500.

You can gain broader perspective on the region by looking at Washington DC, Maryland and Virginia unemployment results against the US results in this cool Google charting tool.

Posted in Blog, Jonathan Miller Insights

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