Washington DC Market Report
Presence of Federal Government, Strong Professional Employment Base Tempers Disruptions From Health Crisis; Long-Term Outlooks Stay Positive Across Major Property Types
Washington, D.C., economy proves more resilient than U.S. at large. The temporary closure of nonessential businesses to slow the spread of COVID-19 negatively impacted the Washington, D.C., economy just as with the nation as a whole. However, a high concentration of high-skilled positions that were able to go remote, such as those at law and consulting firms, moderated overall job losses. After peaking at 10.1 percent in April, Washington, D.C.’s unemployment rate fell to 6.2 percent in August, well below the national rate of 8.4 percent. Total employment nevertheless remains 247,400 positions below its pre-pandemic level, with the highest concentration of staff cuts occurring in the leisure and hospitality sector. This includes employment at hotels, restaurants, and bars, where temporary closures prevented normal business.