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 March 2025 Review
Employment: DC jobs declined 0.4% over last year. Resident employment grew 1.9%. The DC unemployment rate was 5.8%.
Job Sectors: DC Public sector jobs are down 1.2% from last year. Private sector jobs are down 0.1% from last year.
Wages: The federal government accounted for 28.1% 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 3.2% from a year earlier.
Office Space: According to CoStar, occupied office space increased 0.2% from last year and inventory was down 0.1%. The vacancy rate decreased to 16.9% (including sublet).
Home Sales: 12mo single family home sales were up 5.8% from a year earlier, while the 12mo average price was 2.6% higher. 12mo condo sales were up 3.0% from last year and the 12mo average price was 0.1% higher.
Hotels: There were 2.0% more hotel-room-days sold than a year ago (12-mo avg). The average room rate is up 5.1% (12-mo avg).
U.S. GDP: Compared to the same quarter a year ago, nominal GDP grew 5.0% and real (inflation adjusted) GDP grew 2.5%.
Tax Collections: Total tax collections are up 9.3% this fiscal year. Sales tax collections are up 4.9% this fiscal year.
Chart of the Month: Federal Downsizing and Unemployment
