Category Archives: Economy
The Washington region has long depended on increased spending by the Federal Government for its economic growth. This report summarizes this history and provides an update on the region’s growth in 2014 through 2016.
The Roadmap for the Washington Region’s Future Economy, released in January 2016, identified seven advanced industrial clusters for which the region possessed a competitive advantage that were not federally dependent. Over the 2014 to 2016 period, job growth was strong. While the gains were not driven by increases in the Federal Government, they were also not driven by these advanced industries. Rather, the growth occurred in non-cluster based jobs, the majority of which are local serving. Overall, there is little evidence that the Washington economy has pivoted away from its historic dependence on federal spending to grow in the long run.
Can Regionalism Turn Around Our Deteriorating Economy and Buffer Unprecedented Threats to the National Capital Region’s Quality of Life?
That is a question The 2030 Group’s founder, Bob Buchanan, will delve into during his speech on April 20th at the 2nd Annual Leadership in Real Estate Lecture hosted by GMU’s Center for Real Estate Entrepreneurship.
To sign up for event, click here.
WHO: Bob Buchanan, founder of The 2030 group and principal at Buchanan Partners, LLC
WHAT: 2nd Annual Leadership in Real Estate Lecture
WHERE: Arlington Campus, George Mason University
3351 N Fairfax Drive, Arlington, VA 22201
WHEN: Monday, April 20, 2015 from 7:00pm to 8:30pm (EDT)
Last week we celebrated our country’s great declaration of independence and were again reminded that one of the core principles within that declaration was our peoples’ pursuit of happiness. Though many suffered great financial set-backs throughout the recent Great Recession, we got some welcome news on Thursday from the Bureau of Labor Statistics on another promising jobs report and that more of our nation’s workers can continue their pursuit. However, a closer look at the jobs numbers within our Washington metropolitan region paints a less rosy picture.
Nationally, employers added 288,000 jobs in June, besting expert forecasts and pushing the unemployment level to its lowest point in almost six years. Additionally, the bureau positively adjusted the country’s May and April unemployment numbers from original reports. And to complete the hat trick, The Dow Jones Industrial Average hit 17,000 for the first time ever on July 3.
But the July 1, 2014 headline from the Washington Post’s “Capital Business” says it all, “More evidence that the D.C.-area job market is looking stagnant.” The region’s most pivotal employers, the federal government and professional services, aren’t keeping pace with national hiring trends and are in fact contracting their needs for higher-income, highly-skilled workers. This is borne out by the BLS unemployment statics for the area showing a jump from 4.8 percent to 5 percent from April to May of this year.
A lot of people in this region are talking about how to get us to act as a region, but we just keep talking. It’s time for action. We are now at a pivotal point in our local economic life cycle.
The Greater Washington metropolitan area has, for decades, enjoyed unparalleled growth and prosperity, largely fueled by a steady increase in federal government spending and procurement strategies that have created jobs within the region. Private businesses, including large corporations, have become so accustomed to the steady growth fueled by federal spending that they have neither identified nor acted upon the need for their proactive involvement in the economic development of the region.
Dr. Ángel Cabrera is the President of George Mason University.
It’s common knowledge that the U.S. has the best research universities in the world. And the numbers seem to support this claim: according to a ranking provided by Jiao Tong University in Shanghai, 85 of the top 200 are American—and George Mason University is one of them. However, when you take population into consideration, the U.S. slips from first place to ninth, behind countries like Switzerland, Denmark, Sweden and Israel.
The reason why these numbers matter a great deal is the fact the number of top research universities per capita in any given country is strongly correlated with that country’s ability to compete in the global marketplace. Switzerland for example has the most top universities per capita, and it is also the world’s most competitive nation according to the World Economic Forum. The U.S. is now ranked fifth in terms of competitiveness.