Metropolitan Washington is a dynamic region with one of the strongest economies in the nation, attracting talent and investment from around the globe. For decades, much of the region's economic growth was fueled by the federal government. Given an outlook of reduced federal spending, COG's members have made enhancing the region's economic competitiveness a priority.
COG has supported closer coordination among officials in the District of Columbia, Maryland, and Virginia in a variety of efforts to help promote the region’s competitive advantages, including the competition for Amazon’s second headquarters and joint trade missions. COG has also provided officials with data on the region’s human capital and overall competitiveness and helped develop a plan to boost exports.
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Joint meeting of the Planning Directors Committee and Cooperative Forecasting and Data Subcommittee in National Landing, VA. September 2023.
In addition, COG measures economic growth through new construction in the annual Commercial Construction Indicators Report and presents key information on the region's job growth, unemployment, inflation, housing units authorized, and more in the monthly Regional Economic Monitoring System (REMS) Report.
Regional Economic Monitoring System
Unemployment Rate - Washington MSA and US (Not Seasonally Adjusted)
The U.S. Bureau of Labor Statistics (BLS) produces monthly and annual employment, unemployment, and labor force data for states, counties, and metropolitan areas. During October, the region’s unemployment rate remained at 3.1 percent, while the national rate remained at 3.9 percent.
Over-the-Year Inflation Rate Washington MSA and US
The inflation rate for the Washington MSA is reported bi-monthly by the U.S. Bureau of Labor Statistics (BLS). The region’s inflation decreased to 2.6 percent in September 2024 from 3.7 percent in July. During this same time period, the national inflation rate decreased from 2.9 percent in July to 2.4 percent in September.
New Housing Units Authorized During Previous 24 Months, Washington MSA and COG Region
Monthly new residential construction activity is measured by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Privately-owned housing units authorized by building permits in October 2024 was 1,801 units (21,838 12-Month Total) for the Washington MSA and 1,566 units (18,755 12-Month Total) for the COG Region.
Washington MSA Total Employment (1,000s of jobs)
Based on the Bureau of Labor Statistics’ Current Employment Statistics (CES) program, the Washington MSA has about 3.4 million non-farm jobs. The region gained about 21,100 jobs between September and October 2024.
Washington MSA Over-the-Year Employment Change by Industry Group October 2024 (1,000s of jobs)
When compared with October 2023, the region's Leisure & Hospitality sector lost 1,300 jobs. The Educational & Health Services sector gained about 7,500 jobs, and the Trade, Transportation, & Utilities sector gained 2,400 jobs. The Professional & Business Services sector gained about 9,900 jobs. Overall, metropolitan Washington gained about 32,900 jobs, an increase of about 1.0 percent between October 2023 and October 2024, while the national economy gained about 2.1 million jobs, an increase of about 1.3 percent.
News & Multimedia
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News
March 16, 2023
At its March meeting, the COG Board of Directors was briefed by three fellow board members on how their respective jurisdictions are using COG’s Equity Emphasis...
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News
February 16, 2023
At its February meeting, area officials on the COG Board of Directors were updated on efforts to accelerate action on COG’s regional housing targets as well as...
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News
January 11, 2023
Board to focus on helping local governments advance housing, climate, transit, and equity goals.
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News
July 13, 2022
Metropolitan Washington is home to a very highly educated workforce and attracts investment from some of the largest technology companies in the world,...
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News
March 12, 2021
As the world recognizes the one-year mark of the COVID-19 crisis, local leaders are analyzing the economic impacts of the pandemic in metropolitan Washington.