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 May, the region’s unemployment rate increased to 2.7 percent, while the national rate increased to 3.7 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 3.3 percent in May 2024 from 3.4 percent in March. During this same time period, the national inflation rate decreased from 3.5 percent in March to 3.3 percent in May.
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 May 2024 was 2,232 units (23,305 12-Month Total) for the Washington MSA and 1,924 units (19,952 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 27,500 jobs between April and May 2024.
Washington MSA Over-the-Year Employment Change by Industry Group May 2024 (1,000s of jobs)
When compared with May 2023, the region's economy gained 2,400 Leisure & Hospitality jobs. The Educational & Health Services sector gained about 13,800 jobs, and the Trade, Transportation, & Utilities sector gained 200 jobs. The Professional & Business Services sector lost 900 jobs. Overall, metropolitan Washington gained about 28,900 jobs, an increase of about 0.9 percent between May 2023 and May 2024, while the national economy gained about 2.8 million jobs, an increase of about 1.8 percent.
News & Multimedia
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News
December 7, 2010
Metropolitan Washington – made up of the District of Columbia Northern Virginia and Suburban Maryland – has about 5.3 million people. It’s one of the fastest...
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December 6, 2010
Unless you’ve been under a rock for the past year or so you know there’s been a lot of talk recently on the deficit. It’s everywhere. And everyone seems to...
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December 1, 2010
Planners economic development officials policy makers and general enthusiasts have an obsession with lists and rankings of metro areas. That’s the charge...
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November 22, 2010
Leaders in the metropolitan Washington region have embarked on an unprecedented regional effort to develop the most competitive workforce in the country.
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November 22, 2010
As the transformative nature of the technological revolution of the past few decades became obvious to folks around the world much of the conventional wisdom...