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More Gloom and Doom For MoCo's Economic Outlook

There was more gloomy economic news this week for Montgomery County's elected officials who will soon have to make tough budget decisions to close a projected $450 million shortfall for fiscal 2010.

Council members heard from the county's fiscal team, which warned in a briefing of ongoing weakness in the national and local economy.

Some of the telltale signs: The unemployment rate for county residents is rising. Home sales dropped an estimated 20.6 percent last year, after falling 23.4 percent in 2007. Average home sale prices were down by an estimated 7.9 percent in 2008, compared to an increase of 3.9 percent in 2007.

"Taken together, these indicators suggest continued weakness, or at best sluggish growth, in county income, property, and transfer and recordation tax revenue," council staff director Stephen Farber wrote in a memo to council members.

By Ann Marimow  |  February 4, 2009; 12:25 PM ET
Categories:  Ann Marimow , Montgomery County  
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