Archive: Economy

Washington Consumers' Confidence Up

Washington area consumers are more optimistic about the region's economy than they were in December, according to a survey released today, but slightly fewer now say they expect to purchase a big-ticket item such as a new car or furniture in upcoming months. The region's Consumer Confidence Index, a survey...

By Terri Rupar | May 7, 2009; 04:07 PM ET | Comments (0)

Middleburg Selling 10 Percent Stake

Middleburg Financial agreed this week to sell 454,545 shares to David L. Sokol, chairman of MidAmerican Energy Holdings, which is owned by Berkshire Hathaway. MidAmerican, you may remember, was going to buy Constellation Energy till the Baltimore company opted for a deal with France's EDF. Sokol is paying $5 million...

By Terri Rupar | April 2, 2009; 01:57 PM ET | Comments (0)

Area Unemployment Rose in February

The District, Maryland and Virginia continued shedding jobs at a rapid pace in February, according to government data released this morning, with D.C.'s unemployment rate rising to nearly 10 percent. While a steady federal government workforce has largely shielded the area from massive private-sector job losses seen across the country,...

By Terri Rupar | March 27, 2009; 12:21 PM ET | Comments (0)

West Virginians Look to Washington

Today's story on unemployment in the Washington area reminded me of an Associated Press article I ran across last week. The first sentence was, "Four counties in West Virginia's Eastern Panhandle are planning a joint marketing effort aimed at luring jobs and investment from the Washington, D.C. metropolitan area." That...

By Terri Rupar | March 20, 2009; 03:33 PM ET | Comments (0)

Morning Brief: Local Economy Worse Than Predictions

Every year The Washington Post brings together a group of local experts and asks them to predict how the local economy faired. This year, even those who most accurately predicted the course of the Washington-area economy in the Post's Local Economy Challenge 2008 failed to guess the depth of...

By Alejandro Lazo | February 23, 2009; 09:35 AM ET | Comments (1)

Morning Brief: Unemployment Benefits Hard To Get

Carrie Kenworthy of Manassas was laid off from her $80,000-a-year job as a mortgage loan officer in 2007. Then she tried to file for an extension in unemployment benefits in July. The Virginia Employment Commission denied her claim three times. Her appeals took more than two months because of...

By Alejandro Lazo | February 5, 2009; 08:37 AM ET | Comments (0)

Washington Unemployment Rises to 4.7 Percent

UPDATED: 5:45 p.m. Washington area unemployment climbed to 4.7 percent in December, the highest level since 1993 but one of the lowest for a major metropolitan area. That compares with a jobless rate of 3 percent a year earlier and 4.4 percent in November, according to the Bureau of Labor...

By Terri Rupar | February 4, 2009; 12:20 PM ET | Comments (1)

Morning Brief: Local Unemployment Climbs

The jobless rate locally soared in Maryland, the District and Virginia in December, showing that the Washington area is not immune to the downdraft of the recession. Bureau of Labor Statistics data released Tuesday offered more evidence of an economy growing increasingly fragile, even in these local jurisdictions, which traditionally...

By Alejandro Lazo | January 28, 2009; 10:21 AM ET | Comments (0)

Morning Brief: Area Unemployment Rises

More evidence is emerging that the economic downturn is hitting the Washington area. Staff writer V. Dion Haynes reports that unemployment in the Washington region reached its highest level in November since June 2003, inching up to 4.4 percent from 4.1 percent the month before. Overall, though, the region created...

By Alejandro Lazo | January 7, 2009; 08:49 AM ET | Comments (0)

Morning Brief: Washington Area May Slow In 2009

The Washington region has held up despite the recession this year. Next year might not be so easy. The Washington region is expected to end the year with as many as 36,000 more jobs than last year, but analysts are forecasting a much dimmer outlook for next year, saying...

By Alejandro Lazo | December 15, 2008; 11:00 AM ET | Comments (0)

Morning Brief: Inauguration Business Parties On

The city's bartenders must be happy. For four days in January (you guessed it, inauguration weekend) bars in the District will be open 24 hours a day. Staff writer David Nakamura reports that, under emergency legislation approved by the D.C. Council on Tuesday, any District establishment with a liquor...

By Alejandro Lazo | December 3, 2008; 08:53 AM ET | Comments (0)

Morning Brief: Stalling Development

The promise of new homes and high-end retail is running headlong into a withering economic slowdown and paralyzed credit markets, bringing new construction to a virtual stop throughout the Washington area and fueling anxiety among those who dreamed that their neighborhoods were the next frontiers. "There's a question mark over...

By Alejandro Lazo | December 2, 2008; 08:32 AM ET | Comments (0)

Morning Brief: Small Businesses Wary of Bailout

Chris Kelly, a 31-year employee, awaits customers at Champion Billiards & Barstools in Rockville, which is holding a going-out-of-business sale. (By Kevin Clark -- The Washington Post) Small businesses are concerned that the government's announcement this week of what amounts to a bailout attempt for consumers and small-business owners...

By Alejandro Lazo | November 28, 2008; 09:37 AM ET | Comments (0)

Morning Brief: Price At The Pump A Bright Spot

There is some bright business news these days. The recent plunge in gas prices from their historic highs this summer has meant relief for small business owners and drivers. Stacie Banks and her family use their van and two Honda Elements to deliver arrangements of orchids, chrysanthemums, carnations and Gerber...

By Alejandro Lazo | November 26, 2008; 08:14 AM ET | Comments (0)

Morning Brief: Lay-Offs Hit Washington Families

The Washington area is well known for its economic resilience. Nevertheless, several large employers have announced lay-offs and staff writer Brigid Schulte takes a look at the experiences of middle class families that have lost a wage earner today. Each of the families learned how fast the slide to the...

By Alejandro Lazo | November 25, 2008; 08:04 AM ET | Comments (0)

Morning Brief: Mt. Pleasant Empties With Downturn

Up and down the commercial heart of Mount Pleasant storefronts are empty, a reflection of the broader economic downturn. As staff writer Paul Schwartzman reports today: "The palm reader left months ago, as did the laundromat, computer center and two food markets. Across the way, the charred vestiges of...

By Alejandro Lazo | November 13, 2008; 08:14 AM ET | Comments (2)

How Will Obama Affect Our Economy?

What will an Obama Administration mean for me? That is one of the biggest questions facing the Washington area business community these days. The Greater Washington Board of Trade took at stab at answering that question on Thursday morning. It hosted a forum with Politico consisting of two panels,...

By Alejandro Lazo | November 6, 2008; 01:00 PM ET | Comments (0)

The Local Economy: Income and Va. Joblessness

The Greater Washington Initiative said yesterday that the Washington area is second among major metropolitan areas in median household income, second to only San Jose, which it lags by $593. The median household income here is $83,200, up from $79,500 a year ago, according to census data. Other findings by...

By Terri Rupar | August 27, 2008; 03:37 PM ET | Comments (0)

The Employment and Wage Picture

Workers in* the District had the third-highest pay in the country in the third quarter, with weekly wages clocking in at $1,376. Arlington was not far behind, at $1,364, and Fairfax was No. 9, at $1,244. Wages in the Washington region went up in the third quarter, according to numbers...

By Terri Rupar | April 10, 2008; 11:45 AM ET | Comments (1)

Environment Takes Its Place on Board's Agenda

For the past year, since taking over as president of the Greater Washington Board of Trade, Jim Dinegar has been on a listening tour of the region, meeting with business, government and educational leaders to find out what's on their minds. From those conversations, Dinegar says he has assembled a...

By Mike Shepard | September 12, 2007; 06:11 PM ET | Comments (0)

District Releases Guide for Doing Business in the City

The Washington D.C. Economic Development Partnership this week released its annual guidebook on doing business in the city for companies of all sizes. The group is charged with attracting new businesses to the District and keeping existing ones. Its 96-page booklet provides tips on starting a business or nonprofit, ways...

By Mike Shepard | August 24, 2007; 03:30 PM ET | Comments (0)

On A Hiring Tear

Staff writers Nell Henderson and Kendra Marr report that the national unemployment rate held steady last month at 4.5 percent and wages rose moderately, with job growth particularly strong in the fields of health care and education. That's true locally as well, they wrote. "Montgomery College in Maryland, for example,...

By Dan Beyers | July 7, 2007; 05:46 AM ET | Comments (0)

D.C.'s Unemployment Rate Declines

From D.C.'s department of employment services: The District's seasonally adjusted May 2007 unemployment rate was 5.6 percent, down 0.1 percent from the April 2007 rate. The May 2007 rate was 0.3 percent lower than the rate in May 2006. Nationally, the seasonally adjusted rate for May was 4.5 percent, according...

By Dan Beyers | July 6, 2007; 07:32 AM ET | Comments (0)

Md. Unemployment Rate Holds Steady

From Maryland's department of labor: "Maryland's seasonally adjusted unemployment rate held steady at 3.6 percent for the third consecutive month, making May's rate the lowest for the month since 2000 according to Maryland's Department of Labor, Licensing and Regulation. Maryland's rate, the 13th lowest in a ranking of states across...

By Dan Beyers | July 6, 2007; 07:17 AM ET | Comments (0)

Va. Unemployment Remains Low

Virginia's seasonally unadjusted unemployment rate dropped by 0.1 percentage point from 2.9 percent in April to 2.8 percent in May 2007, according to a recent report from the Virginia employment commission. The drop was even more significant in light of the fact that unemployment from April to May usually increases...

By Dan Beyers | July 6, 2007; 07:02 AM ET | Comments (0)

 
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