DC Economic and Revenue Trends: September 2014 1 DC Office of Revenue Analysis DC’s private sector jobs once again grew faster in August than in the US, the first time in the past 9 months Highlights: Wage and salary employment..…2 Sectors of the DC economy ..…...3 Resident employment and unem- ployment …..……………….….…. 4 Wages and income………....…....5 Residenal real estate…….…….….6 Commercial office space…….…..10 Hospitality .……………..…...…......12 US economy …………….……...…..13 DC tax collecons……….…....…..14 DC revenue esmate..…….....…..18 ORA reports & documents.…....20 ORA contact informaon.……..20 US and DC forecasts…….….......16 About this report….........…...…….20 District of Columbia Economic and Revenue Trends: September 2014 GOVERNMENT OF THE DISTRICT OF COLUMBIA OFFICE OF THE CHIEF FINANCIAL OFFICER OFFICE OF REVENUE ANALYSIS For most of the past decade, the District of Columbia’s private sector has grown at a faster rate than the private sector in the US as a whole. The only exceptions were in the 2-year period before the Great Recession and a 9-month period from December 2013 to through this past July. In August 2014, however, DC’s private sector once again grew faster than in the US, albeit by a small margin: 2.3% in DC versus 2.2% in the US (based on 3-month moving averages). Although DC’s private sector grew at a faster pace than the US in Au- gust, DC’s growth was more concen- trated in a few sectors. From Au- gust 2013 to August 2014, DC’s pri- vate sector grew from 503,467 to 515,237, a net increase of 11,773. Of the net gain, 11,267 (96.0%) was in just five sectors—personal ser- vices, retail, education, certain busi- ness services, and food services. These sectors, representing about one third of DC’s private sector, each grew 5% or more over the prior year. In the US economy as a whole, where growth was spread more evenly, these five sectors also account for about one third of all US private sector jobs but only 33.4% of the net job gain. Another 35.9% of all US job growth was in the 9 sectors that actually stayed the same or declined in DC (a group also accounting for about one third of private sector jobs in both DC and the US ). (Cont’d on p. 19.) Vincent C. Gray, Mayor Fitzroy Lee, Deputy CFO & Chief Economist Jeffrey S. DeWi, Chief Financial Officer Stephen Swaim, Senior Economist Indicator updates: More job growth ..……....3 Rising Personal In- come……….…………………..5 Jump in housing per- mits…………...…….….…......9 DC’s growth was concentrated in 5 sectors: personal services, retail, ed- ucation, selected business services, and food services Private sector wage and salary employment in DC and the US: August 2004 to August 2014 (% change from the prior year in the 3-month moving average) % of total, Aug. 2013 % of all ch., Aug. 2013 to Aug. 2014 Group 1 (Increased at least 5% in DC from the prior year) 5 sectors : Personal services, retail trade, education, business services (except for employment services), food services 31.6 96.0 Group 2 (Positive gain in DC from the prior year) 4 sectors : Health, professional and technical services (excpet for legal), wholesale trade,financial services. 35.3 21.9 Group 3 (No gain or decline in DC from the prior year) 9 sectors : Transportation and utilities, employment services, construction, legal services, information services, arts and leisure, organizations, accomodations, manufacturing 33.1 -17.9 Source: BLS DC private sector employment by category of change: August 2013 to August 2014
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DC Economic and Revenue Trends Report_September 2014
September 2014 Review of District of Columbia Economic and Revenue Trends. As with each of our monthly Reviews that we routinely send to you, it provides a systematic technical presentation of Washington, DC’s sectoral, and revenue performance. The first page highlights the major economic news of the month for the District of Columbia.
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DC Economic and Revenue Trends: September 2014 1 DC Office of Revenue Analysis
DC’s private sector jobs once again grew faster in August than in
the US, the first time in the past 9 months Highlights:
Wage and salary employment..…2
Sectors of the DC economy ..…...3
Resident employment and unem-ployment …..……………….….…. 4
Wages and income………....…....5
Residential real estate…….…….….6
Commercial office space…….…..10
Hospitality .……………..…...…......12
US economy …………….……...…..13
DC tax collections……….…....…..14
DC revenue estimate..…….....…..18
ORA reports & documents.…....20
ORA contact information.……..20
US and DC forecasts…….….......16
About this report….........…...…….20
District of Columbia Economic and Revenue Trends: September 2014
GOVERNMENT OF THE DISTRICT OF COLUMBIA OFFICE OF THE CHIEF FINANCIAL OFFICER
OFFICE OF REVENUE ANALYSIS
For most of the past decade, the District of Columbia’s private sector has grown
at a faster rate than the private sector in the US as a whole. The only exceptions
were in the 2-year period before the Great Recession and a 9-month period from
December 2013 to through this past July. In August 2014, however, DC’s private
sector once again grew faster than in the US, albeit by a small margin: 2.3% in
DC versus 2.2% in the US (based on 3-month moving averages).
Although DC’s private sector grew
at a faster pace than the US in Au-
gust, DC’s growth was more concen-
trated in a few sectors. From Au-
gust 2013 to August 2014, DC’s pri-
vate sector grew from 503,467 to
515,237, a net increase of 11,773.
Of the net gain, 11,267 (96.0%) was
in just five sectors—personal ser-
vices, retail, education, certain busi-
ness services, and food services.
These sectors, representing about
one third of DC’s private sector,
each grew 5% or more over the prior
year. In the US economy as a whole, where growth was spread more evenly,
these five sectors also account for about one third of all US private sector jobs but
only 33.4% of the net job gain. Another 35.9% of all US job growth was in the 9
sectors that actually stayed the same or declined in DC (a group also accounting
for about one third of private sector jobs in both DC and the US ). (Cont’d on p. 19.)
Vincent C. Gray, Mayor Fitzroy Lee, Deputy CFO & Chief Economist Jeffrey S. DeWitt, Chief Financial Officer Stephen Swaim, Senior Economist
Indicator updates:
More job growth ..……....3
Rising Personal In-come……….…………………..5
Jump in housing per-mits…………...…….….…......9
DC’s growth was concentrated in 5 sectors: personal services, retail, ed-
ucation, selected business services, and food services
Private sector wage and salary employment in DC and the US: August 2004 to August 2014 (% change from the prior year in the 3-month moving average)
% of total,
Aug. 2013
% of all ch.,
Aug. 2013 to
Aug. 2014
Group 1 (Increased at least 5% in DC from the prior year)
5 sectors : Personal services, retail trade, education, business services
(except for employment services), food services 31.6 96.0
Group 2 (Positive gain in DC from the prior year)4 sectors : Health, professional and technical services (excpet for legal),
wholesale trade,financial services. 35.3 21.9
Group 3 (No gain or decline in DC from the prior year)9 sectors : Transportation and utilities, employment services, construction,
legal services, information services, arts and leisure, organizations,
Proprietors' income earned by DC residents* 5.35 5.54 5.88 5.98 6.16 6.32 % change -8.2 3.6 6.1 1.7 3.3 5.7
Wages and salaries of DC residents*** 21.98 23.43 24.59 25.44 25.80 26.29 change from one year ago 1.27 1.45 1.16 0.85 0.50 0.73 % change 6.1 6.6 5.0 3.4 2.0 2.9
Income earned by DC residents 30.1 32.4 34.1 34.6 35.0 35.7 % change 3.8 7.9 5.2 1.5 1.2 2.9
Property income of DC residents 6.06 6.96 7.69 8.29 8.45 8.58 % change -9.1 14.8 10.5 7.8 3.7 4.0
Pensions and other transfer of DC residents 5.20 5.66 5.67 5.78 6.08 6.20 % change 13.1 8.9 0.2 2.0 6.7 6.6
DC Personal Income** 41.31 45.04 47.46 48.69 49.54 50.43 1 year change 1.08 3.73 2.42 1.23 1.11 1.71 % change 2.7 9.0 5.4 2.6 2.3 3.5
US Personal income (% change from prior year) 1.2 6.0 4.7 3.8 2.7 4.1US Wages and salaries(% change from prior year) 0.2 4.2 3.5 4.0 3.5 4.7
Addendum: Change from prior year in wages earned in DC by sector
Private sector (1 yr ch, $B) 0.48 1.72 1.41 1.76 1.33 1.67 Federal government (1 yr ch, $B) 1.77 0.69 -0.38 -0.35 -0.29 -0.15
DC res. wages as % of wages earned in DC 38.4 39.4 40.6 41.0 41.0 41.1* Proprietors' income is derived from federal tax data and therefore all proprietors' income is earned by DC residents.
**Reflects deduction of social insurance paid by individuals. Wage and salary amounts shown are before this deduction.
***Est. by ORA; assumes wage and salary suppl. are the same % for DC resident wages as for wages earned in DC.
Source: BEA; data for June were released September 30, 2014
DC Economic and Revenue Trends: September 2014 6 DC Office of Revenue Analysis
Sales of both single family and condominium units are
down from last year
●The August 3-month moving total of single family home sales was down
2.8% from a year earlier, while the average selling price was 4.8% higher.
Sales over $1 million accounted for about one in every five sales.
●July condominium sales were down 2.2% from last year as measured by
the 3-month moving total; the average selling price was 1.7% higher.
●The total value of all home sales in August slowed to just 1.0% above
last year as measured by the 3-month moving total.
●August year-to-date median prices were up 4.2% for single family units,
Total value of all sales ($ million) 2,878.8 3,392.9 3,329.2 3,441.1 4,397.8 4,680.5 1,452.1 387.3 1 year change -290.6 514.1 -63.7 111.9 956.7 364.2 14.0 -54.2
% change -9.2 17.9 -1.9 3.4 27.8 8.4 1.0 -12.3
Ratio: active inventory to sales
Single family 5.2 3.4 3.3 2.3 1.6 1.6 1.6 1.9 Condo 5.7 4.6 4.9 2.9 1.7 1.9 1.9 2.2
Source: Metropolitan Regional Information Systems (MRIS); median price and inventory ratio data accessed through Greater Capital Area Assn. of Realtors.
Median contract prices, CY to date in August 2014 : single family $625,000 (4.2% 1 yr ch); condo $411,000 (0.2% 1 yr ch)
Closed (settled) contracts. Average prices calculated by ORA based on number of sales and total value of sales.
Table 9. D.C. Residential Real Estate Indicators: August 2014
Category FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
12-mo
moving
total
3-mo
moving
total This month
Single family homes 333 418 489 458 689 739 260 52 1 year change -102 85 71 -31 231 75 12 -11 % change -23.4 25.5 17.0 -6.3 50.4 11.3 4.8 -17.5 percent of all single family sales 10.2 10.2 12.9 12.9 17.3 18.4 22.2 15.2
Condominiums 62 89 87 72 112 125 40 16 1 year change -15 27 -2 -15 40 14 6 3 % change -19.5 43.5 -2.2 -17.2 55.6 12.6 17.6 23.1 percent of all condominium sales 2.4 3.1 3.5 2.6 3.2 3.5 3.7 4.9Source: Metropolitan Regional Information Systems (MRIS). Sales are ones closed (settled) during period shown.
Table 10. D.C. Single family and condominium home sales at prices of $1 million or more: August 2014
DC Economic and Revenue Trends: September 2014 7 DC Office of Revenue Analysis
Federal data shows DC home price increases moderating,
but rising a little faster than in the US or metro area
● In June the quarterly Federal Housing Finance Agency house price
index for DC was 6.9% higher than a year ago. This is a rate of growth
about half that in June of 2013.2.
● DC’s 6.9% price increase in the June quarter was higher than that in
the DC metro area (5.0%) and the US (6.3%).
●Sales of new condominium units for the 12-months ending June totalled
537—25.8% more than a year earlier. Estimates for new condominium
units to be delivered over the next 36 months have increased.
Single family and condominium housing
FY # FY # 12-month moving total
2005 2,677 2010 470 June 2013 427
2006 2,755 2011 677 June 2014 537
2007 1,955 2012 335 ch 110
2008 1,288 2013 479 % ch 25.8
2009 217 Source: Delta Associates
Table 13. New condominium unit sales:
FY 2005 to June 2014 (2014.2)
Area of DC projects units projects units projects units projects units
Central 5 117 10 484 4 580 19 1,181
Mideast 20 598 10 434 2 105 32 1,137
Upper NW 3 46 0 0 3 152 6 198
Capitol East 12 203 12 938 6 584 30 1,725
Total 40 964 32 1,856 15 1,421 87 4,241
Source: Delta Associates
Table 14. Condominium units under construction or planned: June 2014
Remaining units
Planned with probable
sales within 36 mo
Proposed/rumored
w long term
delivery Total pipeline
Date of report 2014.1 2014.2
Unsold units 861 964New units 1,461 1,856total 2,322 2,820Source: Delta Associates
DC -7.4 1.3 1.8 8.0 13.5 13.1 12.9 8.3 6.8 6.9DC metro area -15.0 1.9 -0.4 3.6 9.2 9.7 9.4 9.1 7.7 5.0US -10.3 -3.0 -4.7 0.9 7.1 7.5 8.6 7.7 7.2 6.3Addendum: % change from prior year in the average price of settled sales contracts for single family homes
Average DC sales price -10.5 -9.9 11.6 4.8 13.1 12.7 14.9 -2.2 6.7 12.2Source: (1) Federal Housing Finance Agency "Expanded-data HPI Index" (sales plus refinancings) (nsa).This index is a broad measure
This information is estimated using Enterprise, FHA, and Real Property County Recorder data licensed from DataQuick.
(2) Average DC sales price is the average price only of houses that sold during the period (settled contracts): see Table 9. Not seas. adj.
Indicator
Quarter
of the movement of single-family house prices. It measures average price changes in repeat sales or refinancings on the same properties.
Fiscal year average
Table 11. Federal Housing Finance Agency Price Index for single family property in DC, DC metro area, and US:
June 2014 (2014.2)
Planned projects: Permits are filed, a ground-break date is established, size and location is determined, and the project is in one of many
phases of the planning process (site plan review, design review, environmental compliance review, zoning, etc.).
Proposed projects: a developer has proposed to build a project (either formally or informally) but has not submitted any plans for review
and permits have not yet been filed.
FY # FY #
2005 134 2010 104 Aug. 2013 3432006 77 2011 267 Aug. 2014 2892007 605 2012 236 ch -542008 223 2013 368 % ch -15.72009 135 Source: Census Bureau
Table 12. Single family housing permits: 2005 to Aug. 2014
12-month moving total
DC Economic and Revenue Trends: September 2014 8 DC Office of Revenue Analysis
The number of occupied apartments in June was
2.0% more than a year earlier.
●In the June quarter, occupied apartment units increased 1,730
(2.0%) from a year earlier; rents rose 1.3% and the vacancy rate
rose to 5.7%.
●For the four years 2010 through 2013, the number of occupied
market rate apartment units inceased by a total of 5,962, about
30% of the estimated 20,303 increase in households in DC.
Approximately 18% of the planned units are expected to materialize by June 2017.
Table 20. Apartment units under construction, planned, or contemplated by area of DC:
June 2014 (2014.2)Under construction and/or
marketing
Planned for possible
delivery in next 36 mo
Longer-term planned or
rumored
Addendum : Pipeline of available units in buildings likely to actually deliver by June 2017: 11,303.
Planned projects: Permits are filed, a ground-break date is established, size and location is determined, and the project is in one of many
phases of the planning process (site plan review, design review, environmental compliance review, zoning, etc.).
Proposed projects: a developer has proposed to build a project (either formally or informally) but has not submitted any plans for review
and permits have not yet been filed.
FY 2010 FY 2011 FY 2012 FY 2013
12-mo.
moving
total
3-month
moving
total
This
month
Total units 986 2,459 4,091 3,855 4,551 1,756 779 change from 1 yr ago 487 1,473 1,632 -236 783 1,009 730 % change from 1 year 97.6 149.4 66.4 -5.8 20.8 135.1 1,489.8Multi-family projects with
5 or more units 6 13 21 36 32 11 4Source: Census Bureau (permits issued during period).
Table 17. Housing unit building permits issued in DC: August 2014
Date of report 2014.1 2014.2
Net absorption, last 12 months 1,850 1,730Vacancy rate (%) 5.1 5.7Rent increase, last 12 months (% ch) 1.6 1.3New supply of units, next 3 years 8,075 7,930New demand for units, next 3 years 7,963 5,850
Table 18. Reis apartment summary and forecast:
June 2014
Source: Reis, see table 15. 3 year estimate of supply and demand
estimated by ORA from Table 15.
Date of report 2014.1 2014.2
Net absorption, last 12 months 1,822 2,026Stabilized vacancy rate 4.8% 4.1%Rent increase, last 12 months -0.2% 1.1%
New supply of units, next 3 years 11,088 11,303New demand for units, next 3 years 6,630 6,630
Table 19. Delta Associates apartment summary and forecast:
June 2014
Source: Delta Associates. Investment grade Class A and B units. Supply
and demand are Class A only
DC Economic and Revenue Trends: September 2014 10 DC Office of Revenue Analysis
● Commercial office market showed mixed results in the
June quarter
●For the quarter ending June, the vacancy rate in Delta Associates’
broader office market measure was 7.1%, and the Cushman and Wake-
field measure was 12.7% (both without sublet).
●DC’s vacancy rates in June were 24% to 55% lower than the metropoli-
tan area average. Rents were 37% to 47% higher than the region.
●In June occupied space rose 0.2% from the prior quarter in Cushman
and Wakefield’s market summary; the average asking rent fell 2.4%.
Note: pipeline of projects under construction and planned expected to deliver by June 2016 is 1.1 msf (see table 24) .
Source: Delta Associates with data from Reis. See below for definitions of planned and proposed
Table 26. DC Office market, existing and future space, by area of DC: June 2014 (million square feet)
Total
Area of DC
Date of forecast 2014.1 2014.22 year pipeline (msf) 3.0 1.12 year demand (msf) 3.1 2.3
Source: Delta Associates. Pipeline is office buildings
under construction plus those planned that may
deliver by June 2016.
Table 25 Delta two year forecasts for office
outlook: July 2014
Planned projects: Permits are filed, a ground-break date is established, size and location is determined, and the project is in one of many
phases of the planning process (site plan review, design review, environmental compliance review, zoning, etc.).
Proposed projects: a developer has proposed to build a project (either formally or informally) but has not submitted any plans for review
and permits have not yet been filed.
August FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
12-month
moving total
3-month
moving total This month
All property transfers ($ million) 5,591.2 7,789.1 10,059.5 9,533.3 11,063.9 11,964.0 3,672.4 975.6 change from one year ago ($M) -5,936.1 2,197.9 2,270.4 -526.2 1,530.6 1,280.2 69.7 -93.2 % change from 1 year ago -51.5 39.3 29.1 -5.2 16.1 12.0 1.9 -8.7Note: represents value of property or economic interest transferred as of date deed noted by the Recorder of Deeds.
Source: OCFO/Recorder of Deeds and OCFO/ORA (calculated from tax collections and deposits adjusted for tax rate changes).
Table 23. Market Value of Real Property transfers subject to the Deed Transfer or Economic Interest tax:
August 2014
DC Economic and Revenue Trends: September 2014 12 DC Office of Revenue Analysis
Hotel stays and revenue up sharply over the
past 3 months
●In August, the 3-month moving total for hotel room-days
sold was 4.3% above a year earlier. The average room rate
was up 4.4%, and revenue rose 8.9%.
●Employment in food services was 5.2% more in August
than a year earlier as measured by the 3-month moving
average. Hotel employment was down 2.4%, and retail was
11.6% higher.
●July airline traffic into the DC area was down 1.0%
compared to a year earlier as measured by the 3-month
moving total. Reagan National was up 0.2%.
Hospitality
Table 27. Hospitality Industry: August 2014
Hotel stays
Hotel room-days sold ('M) aug 7.465 7.617 7.680 7.792 2.197 0.718
1 yr ch 0.095 0.152 0.062 0.119 0.091 0.040
1 yr % ch 1.3 2.0 0.8 1.5 4.3 5.9
Average room rate $ aug 206.60 203.57 207.30 208.08 191.72 169.76
1 yr ch 7.49 -3.03 3.73 1.07 8.10 16.62
1 yr % ch 3.8 -1.5 1.8 0.5 4.4 10.9
Occupancy rate % aug 74.2 75.4 75.8 76.2 82.0 79.6
(average) 1 yr ch 0.5 1.2 0.5 0.3 0.1 1.2
1 yr % ch 0.6 1.6 0.6 0.4 0.1 1.5
Room revenue ($M) aug 1,542.3 1,550.7 1,592.0 1,621.4 421.2 122.0
1 yr ch 74.8 8.4 41.3 33.0 34.5 18.0
1 yr % ch 5.1 0.5 2.7 2.1 8.9 17.4
Airline passengers
DCA 1 yr % ch jul 6.2 2.8 5.5 -0.6 0.2 -2.0
IAD 1 yr % ch jul 0.6 -2.9 -4.0 -2.0 -1.9 -2.5
BWI 1 yr % ch jul 4.2 1.0 -1.5 -1.0 -1.2 0.1
Total 1 yr % ch jul 3.4 0.1 -0.3 -1.2 -1.0 -1.4
Employment
Accommodations level ('000) aug 15.3 15.4 15.2 15.3 15.1 15.0
1 yr ch 0.0 0.1 -0.2 0.0 -0.4 -0.2
1 yr % ch 0.1 0.7 -1.1 0.3 -2.4 -1.3
Food and bev level ('000) aug 39.3 42.7 44.9 46.6 48.6 48.2
1 yr ch 2.3 3.4 2.2 1.9 2.4 2.4
1 yr % ch 6.2 8.5 5.2 4.3 5.2 5.2
Arts and entertain. level ('000) aug 6.8 6.9 6.9 7.0 7.0 7.0
1 yr ch -0.2 0.1 0.0 0.0 -0.1 -0.1
1 yr % ch -2.5 1.3 0.6 0.1 -1.4 -1.4
Retail level ('000) aug 18.6 18.8 19.7 21.2 21.9 21.7
1 yr ch 0.2 0.3 0.8 1.6 2.3 2.0
1 yr % ch 1.3 1.4 4.5 8.4 11.6 10.2
* Total for hotel rooms sold and room revenue
Source: Smith Travel Research (hotel data); BLS (employment); Airport authorities (airline passengers);
Indicator Units date
3-month
moving total
or average*FY 2012 This month
12-mo total
or average* FY 2011 FY 2013
DC Economic and Revenue Trends: September 2014 13 DC Office of Revenue Analysis
US 2nd Quarter economic growth revised upward;
stock market falls slightly in August
●US real GDP growth in the June quarter was revised up to 4.6%,
nominal growth was 6.8%.
●US employment (seas. adj.) increased by 142,000 in August, the
slowest growth in 8 months.
●The US unemployment rate (seas. adj.) fell to 6.1% in August.
●In August the S & P 500 index decreased 0.6% from July , but was
17.5% above last year.
●Compared to a year earlier, the rate of inflation fell slightly in
August to 1.7% (seas. adj.).
US economy
(percent change from previous quarter at seasonally adjusted annual rates)
2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2
US GDP real 0.1 2.7 1.8 4.5 3.5 -2.1 4.6US GDP nominal 1.6 4.2 2.9 6.2 5.0 -0.8 6.8
Wages and salaries 10.7 -3.0 4.4 1.9 3.5 7.3 5.6Personal income 13.5 -8.9 4.4 3.3 1.8 4.8 6.2Note: GDP=Gross Domestic Product Source: BEA, updated on September, 2014.
calendar year quarter
Indicator
Table 29. Quarter to quarter change in US GDP and income: 2012.4 to 2014.2
Table 30. Monthly selected US Indicators: February 2014 to August 2014
Indicator February March April May June July August
S and P stock index (level) 1817 1864 1864 1890 1947 1973 1962 % change from prior month -0.3 2.6 0.0 1.4 3.0 1.3 -0.6 % change from 1 year ago 20.1 20.2 18.7 15.2 20.3 18.3 17.5
US GDP real 2014.2 1 yr % ch -3.4 1.7 1.9 2.3 1.8 2.5 2.6US GDP nominal 2014.2 1 yr % ch -2.3 2.6 4.0 4.2 3.5 4.0 4.3
US Personal income 2014.2 1 yr % ch -1.9 1.3 5.9 4.7 3.8 2.7 4.1US wages 2014.2 1 yr % ch -3.2 0.3 4.2 3.5 4.0 3.6 4.7
Corporate profits 2014.2 1 yr % ch -10.3 33.5 -1.1 14.9 6.3 4.4 4.6S and P stock index August 1 yr % ch -34.3 23.7 13.8 5.4 16.7 20.3 18.1 17.5
US CPI August 1 yr % ch -0.3 1.7 2.7 2.4 1.6 1.6 2.0 2.0Balt//Wash. area CPI August 1 yr % ch 0.3 1.7 3.0 2.4 1.6 1.7 na 1.7Source: BEA (data revised as of September, 2014), BLS, and Yahoo finance. na = not available
Personal income and wage data may differ from amounts shown in table 8 due to differences in BEA source tables.
Date of latest indicator
Table 28. US GDP, income, corporate profits, and inflation: 2014.2 and August 2014
DC Economic and Revenue Trends: September 2014 14 DC Office of Revenue Analysis
DC tax collections
Total DC tax collections (before ear-marking): August 2009 to August 2014 (12-month moving total in $ million)
August 2014 @ $6,182M
Table 31. Tax Collections (before earmarking): August 2014 (Preliminary)
Source: BLS. All calculations are three-month averages ending for the months shown.
US economy
Private sector wage and salary employment in DC and the US: August 2013 to August 2014
% ch, Aug.
13 to Aug. 14
% of all jobs,
Aug. 13
% of all ch,
Aug. 13 to
Aug. 14
Level 1 year change % of total
District of Columbia
DC Economic and Revenue Trends: September 2014 20 DC Office of Revenue Analysis
ORA Reports and Documents
From time to time the Office of Revenue Analysis prepares revenue estimates, fiscal impact statements on pending legis-
lation, reports, and other documents on subjects related to DC ‘s economy and taxes. These documents are posted on the
OCFO web site (www.cfo.dc.gov) under subcategories of “Reports and Publications” and “Budget and Revenue.”
About this report.
District of Columbia Economic and Revenue Trends is generally issued toward the end of every month. Employment and
most other DC information reported on a monthly basis is from one to two months prior to the Trends date. Lags can be
greater with quarterly data such as Personal Income and commercial real estate. Data in the tables are believed to be
reliable, but original sources are definitive. All data are subject to revision by the information source. The Trends report
is available at the DC Chief Financial Officer web-site: www.cfo.dc.gov (click on Budget and Revenue/Economy/ Econom-
ic and Revenue Trends).
For further information or to comment on this report, contact: Stephen Swaim (202-727-7775) or [email protected] See also the Economic Indicators and Cash Reports issued monthly by the D.C. Of-fice of the Chief Financial Officer (www.cfo.dc.gov).
District of Columbia Economic and Revenue Trends is prepared by the Office of Revenue Analysis, which is
part of the Office of the Chief Financial Officer of the District of Columbia government.
Fitzroy Lee, Deputy Chief Financial Officer and Chief Economist Office of Revenue Analysis 1101 4th St., SW, Suite W770 Washington D.C. 20024 202-727-7775
Recent ORA reports:
Revised revenue estimate, September 29, 2014. No change from February 2014 except for policy changes in FY 2015 budget.
Tax expenditure report. May 2014. Comprehensive description of all DC tax expenditures.
Briefing documents. A series with information related to DC’s economy and taxes.
DC Tax Facts, 2014. Details on all DC taxes.
Tax Rates and Tax Burdens 2012 Nationwide. This annual publication compares DC tax rates and estimated DC tax burdens for
households of different income levels with the rates and burdens of state and local taxes in the principal cities in all 50 states.
Tax Rates and Tax Burdens 2012 Washington Metropolitan Area. This annual publication compares DC tax rates and esti-
mated DC tax burdens for households of different income levels with the rates and burdens of the surrounding jurisdictions in the
DC metropolitan area.
Table 47. Information sources
Source Period covered in this report Next release
D.C. Jobs and Labor Force information BLS August October 29
D.C. Personal Income BEA 2014.2 December 19
D.C. Tax Collections OTR/ORA August c. October 15
D.C. Housing Sales MRIS* August c. October 10
D.C. Commercial Office Building data Delta / Cushman and Wakefield 2014.2 c October 15
DC Apartment data Reis, inc 2014.2 c October 20
D.C. Hotel stay information Smith Travel Research August c. October 20
Consumer Price Index BLS August October 22
U.S. Jobs and Labor Force BLS August October 3
U.S. GDP and Personal Income BEA 2014.2 October 30
S and P 500 Stock Index Financial press August October 1
Interest rate on 10-Year Treasury Securities Financial press August October 1
IHS Global Insight D.C. forecast Global Insight September c. October 25
Moody's Economy.com D.C. forecast Economy.com September c. October 25
Blue Chip Economic Indicators for the U.S. Aspen Publishers September October 10
Indicator
*Metropolitan Regional Information Systems; listings and contract data accessed through the Greater Capital Area Association of Realtors.