"As expected, the economic wounds from losing 300,000 federal jobs are very real, and they extend across the entire DC, Maryland, Virginia region. A report published this week by Brookings and the Metropolitan Washington Coalition of Governments looks at the DMV holistically, and finds that since January, the region's unemployment rate has risen by more than eight times as much as the national rate- and ballooned particularly in the suburbs."
"Total employment has risen in most major metro areas this year- but not here. Of the US urban areas with more than 1 million residents, DC ranked 43rd out of 55 in job growth in the first part of this year. It's a bleak picture. "The largest company, overwhelmingly, is cutting jobs," says Clark Mercer, the executive director of the Council of Governments. "Really smart talented people have a decision to make: do they stay in this region, or do they look elsewhere for work?""
The DC-Maryland-Virginia region lost about 300,000 federal jobs, triggering an unemployment increase more than eight times the national rise since January. Job losses concentrated in the suburbs while private-sector job growth stalled. Nearly 80 percent of new private jobs were in construction, hospitality, or healthcare, poorly matching the professional backgrounds of displaced federal workers. Venture capital inflows weakened, entry-level positions for young professionals declined, home listings shifted, and personal credit ratings showed strain. Overall employment growth lagged other large U.S. metro areas, with the DC area ranking 43rd out of 55 in early-year job growth.
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