Each month our office 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.
Read the full review online or download a PDF of the review
Highlights from the November 2024 Review
Employment: DC jobs grew 0.9% over last year. Resident employment grew 0.1%. The DC unemployment rate was 5.3%.
Job Sectors: DC public sector jobs are down 0.6% from last year. Private sector jobs are up 1.5% from last year.
Wages: The federal government accounted for 27.5% of all wages in DC.
Population: At mid-year 2024, DC’s population was estimated to be 14,926 (2.2%) higher than the prior year.
Apartment Inventory: According to CoStar, the inventory of apartments and condominiums increased by 2.5% from a year earlier.
Office Space: According to CoStar, occupied office space declined 0.9% from last year and inventory was up 0.3%. The vacancy rate has risen to 17.7% (including sublet).
Home Sales: Single family home sales were up 23.2% from a year earlier, while the average price was 2.7% higher. Condo sales were up 10.5% from last year and the average price was 2.4% lower.
Hotels: There were 0.5% more hotel-room-days sold than a year ago (12-mo avg). The average room rate is up 0.7% (12-mo avg).
U.S. GDP: Compared to the same quarter a year ago, nominal GDP grew 5.7% and real (inflation adjusted) GDP grew 3.0%.
Tax Collections: Total tax collections are down 4.8% this fiscal year. Sales tax collections are up 1.5% this fiscal year.
Chart of the Month: The US Census Bureau has released 2024 population estimates for DC. The data shows the DC population increased by 14,926 to reach a total of 702,250. The breakdown of growth is 12,502 international migration, -337 domestic migration, 7,746 births, and 4,985 deaths. This is the first time since 2019 that the DC population is estimated to be over 700,000.
