Unemployment in DC (2009, condos, job market)

[NewGrad2009]

I heard from some source, that despite the strong government presence there, unemployment in DC has reached almost 10%. How true is that and how badly is it affecting businesses there? I would assume agencies and firms aren't too hurt by it, but I'm sure nonprofits are definitely suffering and that makes up a large chunk of the job market there.

[JimGriffith]

My guess is the uptick in DC unemployment is from disappearing low-skill construction and service industry jobs. Retail/commercial/residential development seems to have dropped off some, due to a glut of condos already on the market among other things.

The counties still have very low unemployment, even as those rates have gone up some.

DC seems to be humming along, awash in taxpayer dollars.

I have noticed, as you say, struggles in the non-profit world, with endowments dropping and the high-end wealthy donors getting increasingly hard to find.

But all in all, the "help wanted" section is just as massive as it was five years ago just in my opinion.

[ceejamon]

DC has had a high unemployment rate for a while. Keep in mind that there is little real "industry" in DC. Nothing tangible is really produced here. All the jobs are either government, non-profit, or retail/service based. The latter 2 are cutting back significantly. If you're educated and willing to work, it's not too hard to find a livable income although high-paying jobs aren't as available and are highly competitive. The lower-income, less educated portions of the city are where people are really hurting.

[saganista]

The unemployment rate in the DC/MD/VA metropolitan statistical area was 5.5% in January 2009. This compares to 3.2%, 3.3%, and 3.5% in January of 2006, 2007, and 2008, respectively. The area is not unaffected by the economic downturn, but it is certainly holding up a good deal better than many. The lowest MSA in the country in January was Salt Lake City at 4.6%. Honolulu was second at 5.2%. The worst was Fresno at 15.7%. Unemployment in the District alone did reach a seasonally adjusted 9.3% (9.7% unadjusted) in January, up from from 5.9% a year earlier. As those who live here know, DC numbers are not really the relevant statistics as the District accounts for less than a fifth of the area's economy.