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Report paints rosy economic picture in District area for today and 2012

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Jun 7, 2007 12:00 AM (457 days ago) by Melissa Frederick, The Examiner
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Related Topics: WASHINGTON

WASHINGTON (Map, News) - The D.C. area has the highest median household income and most educated work force in the nation, a new report said Wednesday.

The Greater Washington Initiative, the city’s economic development marketing group, released its 2007 regional report, which found 45.9 percent of adults in the area have bachelor of arts degrees and the median household income is $74,000. Both figures are the highest of any metro area in the country, as is D.C.’s gross regional product of $359.3 billion.

“It’s great to continue to be No. 1,” said Tim Priest, GWI’s executive director.

GWI also found women in the area are about 11 percent more likely to become executives than those in the next leading region, San Francisco-San Jose.

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The cost of living here is 42 percent higher than the national average, but trails behind big cities such as Los Angeles, New York and the greater San Francisco area.

For the first time, the report included a projection of what the D.C. area will look like in 2012. GWI projected the region’s population will be 50 percent minority by then.

“We’ve seen that coming for a little while, but it is happening faster than we expected,” Priest said.

The area will also become less dependent on the federal government for jobs — the private sector will grow by 11 percent and account for 92 percent of the region’s new jobs, the report said. The region will add 319,000 new jobs by 2010, and the median value of existing homes will reach $500,000; new homes will cost a median of $439,180.

More than 1 million households, or 42 percent of the area, will have yearly incomes over $100,000, the report predicted.

Although the report did not address challenges the region will face in the future, Priest said D.C. will need to ensure it can keep its educated work force here and continue to bring talent to the area. The area also has a small service sector, and may have issues filling jobs in industries like construction and hotel service, he said.

melissa.frederick@dcexaminer.com

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Comments from Examiner Readers

9:59 AM MST on Fri., Sep. 5, 2008 re: "Jobless rate jumps to 5-year high of 6.1 percent"

 Examiner Reader said:
too bad the only people to tell us if we are in a recession or not are the loosers that put us in the recession.

 Vote on this comment: I agree or I disagree

9:46 AM MST on Fri., Aug. 29, 2008 re: "July incomes drop by largest amount in 3 years"

 Examiner Reader said:
whats so new about hard times.look back in history fools. the economy tanked during every republican administration.the last eight years are proof positive that repubs can only govern with an unlimited credit card.

 6 agree | 3 disagree
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10:05 AM MST on Tue., Aug. 19, 2008 re: "Wholesale prices rising at fastest pace since 1981"

 Examiner Reader said:
hmm! inflation highest since 1981. i guess reagan-nomics works for the rich.

 6 agree | 5 disagree
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10:46 AM MST on Thu., Aug. 7, 2008 re: "Jobless claims rise to highest since March 2002"

 Examiner Reader said:
and over 9 trillion in debt. dem republicans is sho good money managers.

 7 agree | 7 disagree
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2:04 PM MST on Fri., Aug. 1, 2008 re: "Jobless rate climbs as 51,000 jobs vanish"

 Examiner Reader said:
but isn't everything going well in iraq? expecting ford and chevy to open up plants over there,cuz this country is dead.

 7 agree | 7 disagree
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8:24 AM MST on Fri., Aug. 1, 2008 re: "Va. again ranks No. 1 on Forbes business list"

 Examiner Reader said:
This is absolutely partially correct the state is as close US communism as one can get No protection for workers, Litigation attornies for every three people, and a host of other BS This state is for corporations who want the least amount of resistance. The latest SCC ruling in favor of the utility Dominion Power is a case in point. Forbes knows there is better places

 7 agree | 7 disagree
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11:43 AM MST on Thu., Jul. 31, 2008 re: "Economic rebound not as energetic as hoped for"

 Examiner Reader said:
I could have spent my stimulus check but I didnt and if we get another one i wont. To heck with paying a company hundreds of dollars for shoes and clothes when they companies pay asian's to do it for a few dollars a day. Ill sew my clothes if they tear and try not to mess up my shoes. To heck with this BS outsourcing economy.

 8 agree | 8 disagree
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10:53 AM MST on Tue., Jul. 29, 2008 re: "Americans look for ray of hope in economic gloom"

 Examiner Reader said:
the only hope we have is that another country takes us over and brings us democracy.

 12 agree | 9 disagree
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2:09 PM MST on Fri., Jul. 25, 2008 re: "New home sales fall less than expected"

 Examiner Reader said:
thats good! but still no one wants to buy a repo house,so they'll buy a new one to let go in a repo of their own.

 8 agree | 9 disagree
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12:53 PM MST on Thu., Jul. 17, 2008 re: "Single-family construction fell 5.3 pct. in June"

 Examiner Reader said:
going to be interesting to see who the govt borrows money from to replace the dwindleing income tax receipts.

 11 agree | 10 disagree
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10:07 AM MST on Fri., Jul. 11, 2008 re: "Trade deficit ebbs as exports rise to record high"

 Examiner Reader said:
the rest of the world is buying our products because they know that soon,since we are tanking,our junk will be collector items of a failed country.

 11 agree | 11 disagree
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9:55 AM MST on Thu., Jul. 3, 2008 re: "Employers cut jobs for 6th straight month"

 Examiner Reader said:
the neocommie depression is just around the corner.hope the oil investors have someone in line to buy their over priced oil. no one thought the housing bubble would burst either.

15 agree | 12 disagree
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10:26 AM MST on Fri., Jun. 27, 2008 re: "After-tax incomes and spending show big gains"

 Examiner Reader said:
hey folks! consumer spending means so much, that its ok for our empty bean can govt to borrow more money from the red chinese. all is well, for now.

 13 agree | 16 disagree
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10:45 AM MST on Tue., Jun. 24, 2008 re: "Consumer confidence skids more than expected"

 Examiner Reader said:
its not confidence in buying more imported junk for your storage unit. it more about about our junk yard,garage sale fake politicians.

 15 agree | 14 disagree
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10:14 AM MST on Tue., Jun. 17, 2008 re: "Wholesale prices post biggest gain in 6 months"

 Examiner Reader said:
those dems are good. only took one year to destroy america.but they sure had a lot of help from the neocommies.

 18 agree | 23 disagree
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1:14 PM MST on Tue., Jun. 10, 2008 re: "Trade deficit jumps to highest level in 13 months"

 Examiner Reader said:
so much for the bush economic policy. and it only took the republicans 7 and a half years to destroy this country. they are good!

 20 agree | 16 disagree
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4:51 PM MST on Fri., Jun. 6, 2008 re: "Biggest jobless jump since '86 _ Wall Street sinks"

 Examiner Reader said:
gee willikers! a question for the audience... what was the name of the president in '86, and to what party did this man belong to. seems to me that crappy govt and economics are what makes up this particular party.

 17 agree | 17 disagree
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1:04 PM MST on Fri., Jun. 6, 2008 re: "Unemployment rate jumps to 5.5 percent in May"

 Was going to vote Hillary unit I read this- said:
Remember the election in 2006? Thought you might like to read the following: A little over one year ago: 1) Consumer confidence stood at a 2 1/2 year high; 2) Regular gasoline sold for $2.19 a gallon; 3) The unemployment rate was 4.5%. Since voting in a Democratic Congress in 2006 we have seen: 1) Consumer confidence plummet; 2) The cost of regular gasoline soar to over $3.50 a gallon; 3) Unemployment is up to 5% (a 10% increase) 4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses); 5) Americans have seen their home equity drop by $1.2 trillion dollars; 6) 1% of American homes are in foreclosure. America voted for change in 2006, and we got it! Remember it's Congress that makes law not the President. He has to work with what's handed to him. Quote of the Day........'My friends, we live in the greatest nation in the history of the world. I hope you'll join with me as we try to change it.' Barack O.

 22 agree | 19 disagree
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10:47 AM MST on Fri., Jun. 6, 2008 re: "Unemployment rate jumps to 5.5 percent in May"

 Examiner Reader said:
There are still thousands of 100K plus jobs offered. Try these sites: www.realmatch.com www.monster.com www.jobfox.com

 16 agree | 17 disagree
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9:09 AM MST on Fri., Jun. 6, 2008 re: "Unemployment rate jumps to 5.5 percent in May"

 EXAMINATOR said:
George Bush is the worst President in U.S. History and the idiots that got him re-elected should take responsibility for an economy that is in a tailspin. How in the heck did this lying moron get re-elected? Because some of the people can be fooled all the time. The price of gas is outrageously high and people are losing their homes to foreclosure. There's no end in sight to the costly wars in Afghanistan and Iraq. Construction spending is down, way down. Just look at the problems facing companies such as Home Depot. Having George Bush in charge makes some people long for the days of Richard Nixon and Spiro Agnew, two of the crookedest, most incompetent leaders the US has ever seen. Can you imagine having this bumbling idiot John McCain, who can't even read a teleprompter, leading this country for the next four years? Like it or not : get used to saying "President Obama". The right wing's worst nightmare: an educated African American liberal Democrat running the country.

 19 agree | 17 disagree
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8:49 AM MST on Fri., Jun. 6, 2008 re: "Unemployment rate jumps to 5.5 percent in May"

 Oxy-Moronic said:
ARTICLE HISTORY: Unemployment rate jumps to 5.5 percent in May Currently Viewed 37 mins ago - Jobless rates jumps to 5.5 percent _ biggest rise since `86 2 hrs 58 mins ago - New numbers are expected to show slower job growth 1 day ago - Jobless claims show unexpected improvement 1 day ago - Jobless claims show unexpected drop 1 day ago - Productivity improves while wages moderate 1 day ago - Productivity improves while wage pressures moderate 2 days ago - Factory orders post surprising increase in April 2 days ago - Rising demand pushes manufactured goods orders up 3 days ago - Rising demand pushes orders up in April

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10:36 AM MST on Tue., Jun. 3, 2008 re: "Rising demand pushes manufactured goods orders up"

 Examiner Reader said:
all this concocted stat reveals is that end product users were trying to beat the price increases on june first. i have the invoices to prove this fact. not govt bean counter B S. we have to quit listening to the marxist rhetoric and look at our own situations. the simple fact is that those that are being affected by the downturn are those that brought it on theirselves.

 19 agree | 17 disagree
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7:43 AM MST on Thu., May. 22, 2008 re: "Jobless claims drop to lowest level in 4 weeks"

 Reader said:
Producing consumerism is fine if the actual merit system and incentive's work for the unemployed, otherwise you just have a false statistic and recession in the economy, work force and Big Business. Get real, this is a BS statistic on employment! I have a law degree, economics degree and a teaching degree yet somehow in foreclosure due to over extention of assets, high employee turnover and the very high cost of insurance and Day care! Until this country gets in line with others on the Interest rates, price of Heathcare and Daycare reform in the entire good ol' US, continued unemployment rate's will rise from top to bottom on all levels of employment. Restructuring the US will be the only feesable way to go. Get in line with other countries in their humanitarian goals on Day Care and Health Care and restructure. Frivilous Law suits are Unamerican scams and drive up the cost's for all of America on prices of Insurance, Bond's and all levels. Get to work on IT.

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11:30 AM MST on Sun., May. 18, 2008 re: "Colma has taxing situation"

 Examiner Reader said:
this is what happens when that economy is based on consumerism and not producing.

 18 agree | 20 disagree
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9:48 AM MST on Tue., May. 13, 2008 re: "Retail sales dip for second time in 2 months"

 Examiner Reader said:
if bush could bamboozel us on the war, why cant he bamboozel us on drilling oil in the us and setting up oil derricks in every fat cat gated community?

 21 agree | 23 disagree
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7:54 AM MST on Sun., May. 11, 2008 re: "Economy keeping food banks busy"

 Joe from Hayward said:
Once again the media types don't get it. The economy itself isn't that bad in terms of unemployment figures. The problem is INFLATION, which always hurts people on fixed incomes. In this case, it's related to the rising costs of fuel and food, primarily due to our ass-backwards energy policies. We can blame both the Republicans and Democrats for this one - the Republicans for pushing the ethanol program that is diverting farm production into making fuel (a rather inefficient method) and the Democrats for fighting all efforts to drill in ANWR, where we could be producing 1 million barrels of oil a day.

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7:47 AM MST on Sun., May. 11, 2008 re: "Economy keeping food banks busy"

 Examiner Reader said:
"if china and india are to blame for all the problems,then lets quit dealing with them!" - We can't quite dealing with the rest of the world anymore than we can go back to living in caves. The issue here is to recognize that we can't dismiss the rest of the world and pretend that we are the only economic game in town. Standards of living in those countries are rising, those people want nice stuff like we do, and in the case of oil and gasoline, they are willing to pay as much as we are, if not more. Demand for fuel is rising, so if we want to keep prices stable, we need to increase the supply. We have plenty of oil under the ground, and our technology to extract in in a method that minimizes the impact to the environment has improved greatly over the last 20 years. Time to deal with reality, and stop this insane opposition to drilling in ANWR.

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2:13 PM MST on Thu., May. 1, 2008 re: "Soaring prices for food, gas push consumer spending higher"

 Future VA Resident said:
11:14, please name me 1 policy which will help our economy. And I'm sorry but "change, real change...change you can believe in" doesn't count as a policy. His promise, along with Hillary, to end "Bush's tax cuts for the rich" will cost a single taxpayer making 30k a year will now pay 8400/year in federal tax vs the current 4500/year they pay under the current system....is that going to help the economy? As anyone who took an economics 101 class, 5% unemployment is considered full employment b/c there are always folks in between jobs. Housing Crisis? how about the 95% of people who are paying for their homes? Lets keep things in perspective, the economy isn't great but it isn't that bad either. Ask your friends in Germany or France how 14-18% unemployment feels. I'm sick of hearing all the folks bash the economy as if it's terrible, really it isn't that bad. My home is worth considerably more than it was 5 years ago, i've got a job that pays, have food, it's not that

 21 agree | 22 disagree
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11:14 AM MST on Thu., May. 1, 2008 re: "Soaring prices for food, gas push consumer spending higher"

 Vote it away then... said:
Vote Obama, end all this for the better of America. Read his policies, very smart and real solutions.

 23 agree | 24 disagree
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9:38 AM MST on Thu., May. 1, 2008 re: "Consumer confidence drops in April on inflation, job worries"

 Permian Basin said:
We are fortunately seeing the opposite trends in West Texas. The economy and housing market in the Permian Basin both continue to to show strong, steady growth. At a low 3%, the Midland-Odessa, Texas area currently posts the lowest unemployment rate in the state of Texas. Demand for workers is high, and the economic outlook is bright!

 23 agree | 24 disagree
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12:58 PM MST on Tue., Apr. 29, 2008 re: "Consumer confidence drops in April on inflation, job worries"

 Examiner Reader said:
funny how the amount of foreign crap purchased means more than what the public thinks about its loozer politicians and destroying other countries in the name of GOD.

 23 agree | 23 disagree
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11:25 AM MST on Tue., Apr. 29, 2008 re: "Consumer confidence drops in April on inflation, job worries"

 Examiner Reader said:
move over mr herbert hoover,the ones in charge now are the kings of destruction.

 23 agree | 27 disagree
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1:18 PM MST on Thu., Apr. 24, 2008 re: "New home sales plunge to lowest level in 16 1/2 years"

 Examiner Reader said:
and it only took two bush's and a clinton to get us to this point. that's cheap at twice the price when you consider we got several wars to go with it.

 26 agree | 26 disagree
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9:50 AM MST on Thu., Apr. 24, 2008 re: "New home sales plunge to lowest level in 16 1/2 years"

 Examiner Reader said:
being in the building trades isnt a sure fire to get rich.the money is made by the suits,dictating the price.the suits are from city planners to the banks and everyone shuffling paper in between.

 27 agree | 25 disagree
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9:44 AM MST on Thu., Apr. 24, 2008 re: "New home sales plunge to lowest level in 16 1/2 years"

 Examiner Reader said:
i hope the bottom keeps falling out of the houseing markett mabe the houses that have been way over priced for years will actually sell for what they are worth instead of filling the money grabbers pocketts with money,all houses have been way over priced for years but people kept buying them and money grabbers kept going up on the price of them till they priced there self out of the markett people are not buying them now,so what are the ones selling the houses doing now crying oh were being hit hard we cant sellum ,booooooo hooooooooo heres a thought try selling them for what they are worth for a change and quit ripping people off,mabe one day even the poor people can buy a home,if sellers quit chargeing 3 times what they are worth and they will if people quit buying them,they will drop the price or set onum till the end of time.

 27 agree | 27 disagree
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12:29 PM MST on Tue., Apr. 22, 2008 re: "Existing home sales decline"

 Examiner Reader said:
if china and india are to blame for all the problems,then lets quit dealing with them!this is like paying your neighbor to come over and beat the s--t out of you every day.but i guess if your are a neocon and your wallets getting fatter everyday its ok.

 25 agree | 26 disagree
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11:33 AM MST on Tue., Apr. 22, 2008 re: "Existing home sales decline as housing slump continues"

 Examiner Reader said:
it just keeps getting better for the neocons!

 26 agree | 29 disagree
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1:55 PM MST on Tue., Apr. 15, 2008 re: "Food and energy costs lead wholesale prices to soar in March"

 Mike said:
We have more than enough oil,gas and coal reserves right under our noses here in the U.S. It is the answer to all of our economic problems right now. Bush's biggest liability is not that he is some "big oil fatcat", as some delusional Democrats believe, but that he has not advocated for massive domestic energy supply and production. Sadly, he has recently jumped on the "global warming" bandwagon which is the biggest scam ever perpetrated on the U.S./World. If any one has caused food and energy costs to rise uncontrollably, it is Al Gore and his Eco-Nazi hoaxers, the U.S. Congress, along with their lobbyists, and now George Bush.

 31 agree | 22 disagree
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1:11 PM MST on Tue., Apr. 15, 2008 re: "Wholesale Prices Soared in March"

 Examiner Reader said:
welcome to the "one world fiasco". how does .50 cents an hour set with you. gonna make a 100.00 circular saw, a rich mans toy. thanks georgie and your neocmmie buddies, for making america a third world country.

 26 agree | 24 disagree
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11:51 AM MST on Tue., Apr. 15, 2008 re: "Food and energy costs lead wholesale prices to soar in March"

 Examiner Reader said:
Energy prices are screaming upward because the demand for oil exceeds the supply available for refining. While China and India are pushing up prices due to their increased consumption, we refuse to drill for oil that is readily available (North Slope, offshore), refuse to build more nuclear power plants that would relieve the demand for fossil fuels, and instead push boondoggles like ethanol that are NOT efficient, but instead drive up the cost of corn and related food products. We are such geniuses when it comes to an energy policy...

 25 agree | 25 disagree
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10:00 AM MST on Thu., Apr. 10, 2008 re: "Trade Deficit Wider; Jobless Claims Drop"

 Examiner Reader said:
from 9:50 correction; excuse me but in the last post.(gorhring) was wrong. should have read joseph goebbels as he was the minister of enlightenment during hitlers reign. at any i'll bet they are both giddy as hell that they set todays standards for media reporting.

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9:50 AM MST on Thu., Apr. 10, 2008 re: "Trade Deficit Wider; Jobless Claims Drop"

 Examiner Reader said:
its day to day now, but wait, the news is bound to contradict itself on an hourly basis in the very near future. bet old gorhing is spinning in his grave in envy!

 26 agree | 27 disagree
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11:00 AM MST on Sat., Apr. 5, 2008 re: "Employers Slashed 80,000 Jobs in March"

 Examiner Reader said:
our loss of jobs is chinas gain.another gold star for the bush's and clintons. just think of all they can have when we go bust. your vote for either party is a win for them.

 31 agree | 27 disagree
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9:48 AM MST on Sat., Apr. 5, 2008 re: "Huge Job Losses Set Off Recession Alarms"

 Examiner Reader said:
the so called financial wizards should get out in the street to see what its like in the real world. these university educated morons are about a year behind in their assesments.but, iguess its all normal and going to neocommie plan to destroy america.

 25 agree | 29 disagree
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12:33 PM MST on Fri., Apr. 4, 2008 re: "Jobs Slashed, Pointing to Recession"

 Examiner Reader said:
we should bar bush from coming back into the country.

 28 agree | 27 disagree
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8:18 AM MST on Fri., Apr. 4, 2008 re: "Jobs Slashed, Pointing to Recession"

 Examiner Reader said:
we always have a recession during a repub administration. so what else is new????????? i know lets all relive the late 20's and early 30's thems were good times for usins.

 26 agree | 26 disagree
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8:11 AM MST on Thu., Apr. 3, 2008 re: "Jobless Claims Shoot Up to 2-Year High"

 Examiner Reader said:
if i were bush id stay out of the country, and it amazes me that so many people voted for him,twice. but i guess thats a sign of yhe nations intelligence level.

 28 agree | 27 disagree
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10:19 AM MST on Mon., Mar. 31, 2008 re: "Consumer Spending Weak in February"

 Examiner Reader said:
god, i hope the chinese dont go broke to.without them, who will support our war machine?

 27 agree | 28 disagree
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9:40 AM MST on Thu., Mar. 27, 2008 re: "Economy Sputters With 0.6 Percent Growth"

 Examiner Reader said:
im wondering if the mexican govt will allow the immigrants back into mexico,since theres no work for them here.we dont need pickers any more since the corporate farmers are growing govt subsidized ethanol now. we have machines to squeez that juice so no need for hands on workers

 27 agree | 29 disagree
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9:15 AM MST on Thu., Mar. 27, 2008 re: "Economy Nearly Stalled in 4th Quarter"

 Examiner Reader said:
thanks mr bush.i gues you did the best you could seeing as how youve had dysfunctional hirees in your cabinet for your terms. wait a minute who hired these guys in the first place?

 27 agree | 27 disagree
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