I gave a talk last night on economic development in the DC region and there were “problems” with the PowerPoint system (who could have guessed that would happen?!?). I liked some of the slides I came up with and if I don’t use any of them here, they may never be seen. (I know…how tragic…)
This one shows employment growth in the DC region relative to the nation from the Great Recession until now. It’s not like our area is totally insulated from recession, but the countercyclical expansion of federal spending does give the region a notable edge compared to much of the rest of the country. (Though the point of my presentation was that with the fed gov’t poised for contraction, our region needs to diversify.)
Note how the jobs line for the DC region is flat while that of the nation falls steeply. It’s a bit of a natural experiment: if you actually apply some serious Keynesian stimulus, you can minimize job losses.
Source: BLS (my seasonal adjustment of DC regional data)