HOUSINGNEWS REPORT
WILL AMAZON SAVE THE SWAMP?
large numbers of people are moving to the metro area, they tend to move out when they see that the economy is doing better elsewhere. And those outmigration numbers have recently outpaced the in-migration numbers, resulting in a net loss of population, according to Fuller. In the March issue of the his “Washington Economy Watch” Fuller noted that the region’s economy is growing in a positive direction. Still there is concern since the federal government had 6,600 fewer jobs between Trump’s inauguration in January 2017 and January 2018. “These jobs area important because they leverage home buying, buying a nicer car and clothes,” Fuller explained. “The average household income here is $55,000.” Although unemployment in the District has steadily declined in the first three months of 2018 to 5.6 percent in March, job growth in January 2018
“If (Amazon choosing any of the three D.C.-area markets) happens my job security just got a lot better. We work in every submarket in D.C. and at every price point. It’s a good end result for whatever municipality gets HQ2. The question is how quickly will they see the benefits for the broader market.”
CLINT MANN PRESIDENT, URBAN PACE A REAL ESTATE SERVICES FIRM FOR BUILDERS AND DEVELOPERS
Swamp Drain Diluting Jobs Although still strong, the broader economy in the D.C. region has been showing some signs of weakness, according to Fuller. “All the job growth has been in the non-federal sector,” he said. “The job base is diluting in terms of salary. We’re adding more lower-paying jobs and losing higher-paying jobs.” Fuller noted that the D.C. area has the highest share of Ph.Ds. as a percentage of the workforce in the country, but added that outmigration of those Ph.Ds. and others is a problem. While fairly
For Clint Mann, president at Urban Pace, a company that provides sales, marketing, leasing and advisory services for builders and developers, the choice of any of the three D.C. venues would be good news. “If that happens my job security just got a lot better,” said Mann. “We work in every submarket in D.C. and at every price point. It’s a good end result for whatever municipality gets HQ2. The question is how quickly will they see the benefits for the broader market.”
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MAY 2018 | ATTOM DATA SOLUTIONS
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