Washington Post Says Local Employers are Hiring Like Crazy (real estate, mortgage)

[coldbliss]

Because this is the Washington Post reporting on the region's economic activity, we must take this news seriously.

Washington area is beginning to bounce back from recession, economists say

Trips to France. Free iPads after interviews. How about $5,000 in hiring referral bonuses. Wow. Party like its 1999 or 2007 depending on your bubble preference.

The article sites three sectors that are doing well in this rebound: hotels, retailers and hi-tech startups. Even though the WaPost reporter does not include the defense-spending sector, CACI is adding serious numbers of new workers even though the firm is in the War, Destruction and Orwellian Surveillance business.

The article does not mention that lobby shops have been doing a brisk business lately. With a pro-corporate Republican-majority House, Fortune 500 clients will dumping money from wheel barrows on these legal/lobbying firms.

Back to the points in the article:

1. Retail shops are not an awesome economic engine. When you are talking $8-$12/hour for floor work, those workers cannot add much to the economy with low wages in a high-cost of living region.

2. Hotel business. So Marriott and Hilton are expanding executive positions in the region. This has a bigger multiplier effect for the local economy. These are probably six-figure salaried jobs that will help local retailers and restaurants--especially those businesses located in Bethesda, McLean, North Arlington, and upper northwest DC.

Too bad Hilton bailed out on California to move here; thus damaging an already battered Los Angeles economy. Too bad Marriott Corporation was able to bleed serious millions of dollars in the form of tax breaks and subsidies from the Maryland tax payer so the company can remain HQ'ed in Bethesda.

3. Hi-Tech start ups. The article cites two businesses but that's all. The venture capital funding is no where in the same galaxy as 1999. Without a doubt, federal government budgets are still an important lifeline to local tech companies. The CACI and ManTech examples in the article prove this. It's much easier to score a $20 million contract from the Department of Homeland Security then to beg for cash from venture capitalists in Silicon Valley or New York City.

The article does not mention that certain industry sectors in the DC area are still in the BLECH state. The BLECH list includes:

Home Mortgage Lending

Commercial Real Estate Finance

Home Real Estate Sales

Federal Government Employment (Hiring freezes, today. Serious job cuts tomorrow. In 2012, if the GOP gets a majority in the US Senate and they have a dude in The White House, we are talking a federal pink-slip of epic scale).

Journalists. (Reporters are losing jobs at the major newspapers, political news sites, and in the smaller suburban news rags).

There might be more sectors that I am not aware of.

[Tiger Beer]

Originally Posted by coldbliss

Federal Government Employment (Hiring freezes, today. Serious job cuts tomorrow. In 2012, if the GOP gets a majority in the US Senate and they have a dude in The White House, we are talking a federal pink-slip of epic scale).

It's always talk from the GOP though. Actions seem to always dictate the opposite.

I'd be shocked if 2012 would be any different.

The only Republican who talked about it was Ron Paul, but he was quickly laughed off the Republican Party stage.

All the others just talk about cutting democrat programs, but meanwhile massively expanding the military engines, creating massive tax breaks for the wealthy, etc. Or in GWB's case, create several incredibly large beaucratic money-sucking engines like Homeland Security, FIMA, etc.

[Internal Breathing Fire]

"Washington Post Says Local Employers are Hiring Like Crazy"

Yeah if you have a college degree.

[terrence81]

Well I never got an iPad or offer of one but will get a retention bonus if my next evaluation goes well.

I thought that was an interesting article but at the end of the day, DC has always had a lower than average unemployment rate. Even when I was unemployed I was able to weigh options and had more than one job offer before going with the one I have now. Funny after a few months of thanks but no thanks I was getting interviews and offers left and right back in August. Despite one interview being canceled because of those DoD budget cuts back in August.

Actually now that I think about it they had an article last summer about Virginia being affected by those budget cuts.

Virginia stands to feel the most pain from defense cuts

Guess things will be alright. Hmmm.

I just know that I appreciate the job I have.

[terrence81]

Originally Posted by Internal Breathing Fire

"Washington Post Says Local Employers are Hiring Like Crazy"

Yeah if you have a college degree.

There were plenty of retailers hiring during the holidays.

I do agree that with the DC area being so educated that a degree is more essential here than other parts of the country. But to those that don't have the degree well... start looking into taking classes. I know with kids and responsibilities of the day its not easy but certainly not impossible. Excuses don't bring home paychecks.

At the same time no judgment because I know I should go to grad school (my mother really really really wants me to) but the idea of going back to class fills me with dread.

I understand your point but the truth of the matter is that a degree is essential in today's service based economy. The days of getting out of high school being a laudable achievement and getting a nice job at the local factory are long gone.

At the end of the day the higher the education the lower the unemployment rate.

Table A-4. Employment status of the civilian population 25 years and over by educational attainment

Please note the unemployment for those with only a high school diploma is 10.7, while it is 4.5 for those with at least a bachelor's degree. This is nationwide not just the DC area.

[The Heartbreak Kid]

Grad school and work can be hell....

[(-)]

Originally Posted by ahales

Grad school and work can be hell....

been there, done that, and some more. i agree. i'd also add that you need to make sure that you have a vested interest in what you are going back to grad school or professional school for. make sure it's something YOU want to do. it makes the time go by faster. also make sure there's a market out there for what you are considering going back to school for. why rack up 60k in debt for a degree that probably won't add anything to your earning potential?

[The Heartbreak Kid]

I am in my final semester now.. Get a Master's in Public Policy.

[DMV]

Hey,

I actually use to work for CACI. They're probably just looking to hire a bunch of sub-contractors that already have clearances because they only do Direct Hiring. Every year from about October to the end of Febuary and sometimes even up until the summer they get a load of work and need a load of ppl that they can hire right away.

[terrence81]

Originally Posted by DMV

Hey,

I actually use to work for CACI. They're probably just looking to hire a bunch of sub-contractors that already have clearances because they only do Direct Hiring. Every year from about October to the end of Febuary and sometimes even up until the summer they get a load of work and need a load of ppl that they can hire right away.

Yeah I like sub-contracting. The hiring process is much faster and simpler than the times I've worked as a direct hire.