Each month, the Office of Revenue Analysis in the DC Office of the Chief Financial Officer publishes a review of economic and tax revenue data for DC. The review includes data on employment and wages, residential and commercial real estate, hospitality, the US economy and federal government, and DC tax collections. Below are the highlights from our latest review.
Highlights from the October 2023 Review
EMPLOYMENT:
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DC jobs grew 1.6% over the last year
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Resident employment increased 0.5%
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The DC unemployment rate was 5.3%
JOB SECTORS:
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DC public sector jobs are down 0.4% from last year
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Private sector jobs are up 2.5%.
WAGES:
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The federal government accounted for 28.0% of all wages in DC
POPULATION:
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At mid-year 2022, population was estimated to be 3,012 (0.5%) higher than the prior year
APARTMENT INVENTORY:
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According to CoStar, the inventory of apartments and condominiums increased by 3.2% from a year earlier
OFFICE SPACE:
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According to CoStar, occupied office space declined 1.2% from last year and inventory was flat
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The vacancy rate has risen to 16.8% (including sublet)
HOME SALES:
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Single family home sales were down 7.9% from a year earlier, while the average price was 11.5% higher
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Condo sales were down 25.6% from last year and the average price was 0.4% higher
HOTELS:
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There were 25.8% more hotel-room-days sold than a year ago (12-mo avg)
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The average room rate was up 14.2% (12-mo avg)
U.S. GDP:
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Compared to the same quarter a year ago, U.S. nominal GDP grew 5.9%
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U.S. real (inflation adjusted) GDP grew 2.4%
TAX COLLECTIONS:
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Total DC tax collections are up 1.2% this fiscal year
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Sales tax collections are up 13.8% this fiscal year