Preliminary numbers for June are in and for the first time in a while, the news is looking really positive. The Washington, D.C. Metropolitan region (the DC Metro) added 11,500 net new jobs to payrolls in June – the highest monthly job gain since September of 2011, before the impacts of the fiscal cliff and sequestration had taken hold in the region and the DC region still led the nation in the recovery.
The private sector led the way, adding nearly 16,000 nonfarm jobs to payrolls around the DC region. As has been the case throughout the recovery, Leisure and Hospitality and Education and Health Services employment has posted decent gains while the Federal Government continues to contract (albeit lately at a slower rate than we’ve seen). The real story, however, is the Professional and Business Services sector (PBS). PBS is the DC Metro region’s largest job sector as well as its highest paying. 3,870 jobs were added in June, following 4,050 new jobs in the sector for May in the fourth consecutive month of positive growth. On a year over year basis, PBS employment is back in the black with 1,700 more jobs in June 2014 over June 2013 and the sector is within 5,000 jobs of its all-time peak levels of February, 2013.
Breaking the numbers down by market, the job gains were fairly evenly split between the three markets that comprise the DC Metro region. Suburban Maryland led the way with 4,300 net monthly gains, the District of Columbia with 4,200 and Northern Virginia with 3,200. The District of Columbia now has more total jobs than ever with 754,000, besting the previous high of September 2013 (Suburban Maryland peaked at yearend 2006 and Northern Virginia in November 2013).
By: Nathan Edwards
Director of Research, Cassidy Turley - Washington, D.C.
Email Nathan: Nathan.Edwards@cassidyturley.com
Follow Cassidy Turley on Twitter: @CassidyTurleyRE
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