DC Economic and Revenue Trends: January 2015 1 DC Office of Revenue Analysis DC’s population grew for the 9th straight year in 2014, but growth was the slowest in 6 years 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.…....21 ORA contact informaon.……..21 US and DC forecasts…….….......16 About this report….........…...…….21 District of Columbia Economic and Revenue Trends: January 2015 GOVERNMENT OF THE DISTRICT OF COLUMBIA OFFICE OF THE CHIEF FINANCIAL OFFICER OFFICE OF REVENUE ANALYSIS Muriel Bowser, Mayor Fitzroy Lee, Deputy CFO & Chief Economist Jeffrey S. DeWi, Chief Financial Officer Stephen Swaim, Senior Economist Indicator updates: Strong private sector job growth……………...……....3 Value of property transfers rises…...…………...……….11 Strong tax collecons..14 Growth slowed in 2014 because net domestic migration was 82% less than the annual average of the prior three years. According to US Census Bureau data released in December, DC’s population as of July 1, 2014 stood at 658,893, an increase of 9,782 (1.5%) from 2013. This is the 9th straight year of population growth, during which time population increased 91,757 (16.2%). DC’s population is now the largest it has been since 1978. Popula- tion growth in 2014 was, however, the slowest annual increase in 6 years. The main reason for the 2014 slowdown was a sharp decline in net domestic in- migration. From 2013 to 2014, net domestic in- migration was just 1,173, a reduction of 5,267 (-82%) from the annual average (6,440) of the prior three years. The other principal compo- nents of population change—natural increase and net international migra- tion—increased in 2014 by approximately the same amounts as the annual aver- age of the prior three years. In 2014 natural increase (births minus deaths) ac- counted for 45% of the overall increase in DC population. Census does not say what accounted for the sharp decline in (Continued on p. 19) Annual change in DC populaon: 2006 to 2014 Principal components of DC populaon change: April 1, 2010 to July 1, 2014. (Amount of change in 2014 compared to the annual average of the prior three years.) Source: US Census Bureau Natural increase Internaonal migraon (net) Domesc migraon net)
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DC Economic and Revenue Trends: January 2015 1 DC Office of Revenue Analysis
DC’s population grew for the 9th straight year in
2014, but growth was the slowest in 6 years 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.…....21
ORA contact information.……..21
US and DC forecasts…….….......16
About this report….........…...…….21
District of Columbia Economic and Revenue Trends: January 2015
GOVERNMENT OF THE DISTRICT OF COLUMBIA OFFICE OF THE CHIEF FINANCIAL OFFICER
OFFICE OF REVENUE ANALYSIS
Muriel Bowser, Mayor Fitzroy Lee, Deputy CFO & Chief Economist Jeffrey S. DeWitt, Chief Financial Officer Stephen Swaim, Senior Economist
Indicator updates:
Strong private sector job growth……………...……....3
Value of property transfers rises…...…………...……….11
Strong tax collections..14
Growth slowed in 2014 because net domestic migration was
82% less than the annual average of the prior three years.
According to US Census Bureau data released in December, DC’s population as of
July 1, 2014 stood at 658,893, an increase of 9,782 (1.5%) from 2013. This is the
9th straight year of population growth, during which time population increased
91,757 (16.2%). DC’s population is now the largest it has been since 1978. Popula-
tion growth in 2014 was, however, the slowest annual increase in 6 years.
The main reason for the 2014 slowdown was a sharp decline in net domestic in-
migration. From 2013 to
2014, net domestic in-
migration was just 1,173, a
reduction of 5,267 (-82%)
from the annual average
(6,440) of the prior three
years.
The other principal compo-
nents of population
change—natural increase
and net international migra-
tion—increased in 2014 by
approximately the same
amounts as the annual aver-
age of the prior three years. In 2014 natural increase (births minus deaths) ac-
counted for 45% of the overall increase in DC population.
Census does not say what accounted for the sharp decline in (Continued on p. 19)
Annual change in DC population: 2006 to 2014
Principal components of DC population change: April 1, 2010 to July 1, 2014. (Amount of change in 2014 compared to the annual average of the prior three years.)
Source: US Census Bureau
Natural increase
International migration (net)
Domestic migration net)
DC Economic and Revenue Trends: January 2015 2 DC Office of Revenue Analysis
DC continues to grow much faster than the metro
area
●December wage and salary employment in DC was up by
13,433 (1.8%) from a year earlier as measured by the 3-
month moving average.
●Federal government employment in DC for December was
down by 1,400 (-0.7%). Bt contrast, the private sector gained
12,867 (2.5%).
●Total year-over-year DC metropolitan area employment
increased by 18,733 (0.6%) in December as measured by the
3-month moving average.
●Suburban Washington employment in December increased
by just 0.2% from a year earlier, 1/9th of DC’s rate.
●Seasonally adjusted wage and salary employment in DC
fell by 800 in December from November.
Wage and salary employment
Table 1. Wage and salary employment in DC, Washington Metro area, and the US: December 2014
Proprietors' income earned by DC residents* 5.35 5.54 5.88 5.98 6.25 6.25 6.38 % change -8.2 3.6 6.1 1.7 4.4 4.4 6.2
Wages and salaries of DC residents*** 21.98 23.43 24.59 25.44 26.06 26.06 26.47 change from one year ago 1.27 1.45 1.16 0.85 0.63 0.63 1.04 % change 6.1 6.6 5.0 3.4 2.5 2.5 4.1
Income earned by DC residents 30.1 32.4 34.1 34.6 35.4 35.4 35.9 % change 3.8 7.9 5.2 1.5 2.2 2.2 4.2
Property income of DC residents 6.06 6.96 7.69 8.29 8.51 8.51 8.65 % change -9.1 14.8 10.5 7.8 2.7 2.7 3.1
Pensions and other transfer of DC residents 5.20 5.66 5.67 5.78 6.12 6.12 6.33 % change 13.1 8.9 0.2 2.0 5.8 5.8 5.7
DC Personal Income** 41.31 45.04 47.46 48.69 50.02 50.02 50.91 1 year change 1.08 3.73 2.42 1.23 1.33 1.33 2.06 % change 2.7 9.0 5.4 2.6 2.7 2.7 4.2
US Personal income (% change from prior year) 1.2 6.0 4.7 3.8 2.8 2.8 3.9US Wages and salaries(% change from prior year) 0.2 4.2 3.5 4.0 3.6 3.6 4.4
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 1.32 1.32 1.72 Federal government (1 yr ch, $B) 1.77 0.69 -0.38 -0.35 -0.04 -0.04 0.40
DC res. wages as % of wages earned in DC 38.4 39.4 40.6 41.0 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 September were released December 19, 2014
DC Economic and Revenue Trends: January 2015 6 DC Office of Revenue Analysis
Single family market is fairly flat compared to last year,
but condo market is higher.
●The 3-month moving total of single family home sales in December was
up 1.1% from a year earlier, while the average selling price was 7.0%
higher. Sales over $1 million accounted for 14.4% of sales.
●December condominium sales were up 10.8% from last year as
measured by the 3-month moving total; the average selling price was
11.0% higher.
●The total value of all home sales in December was 13.6% above last
year as measured by the 3-month moving total.
●December year-to-date median prices were up 3.4% for single family
units, and 1.6% for condominiums.
Single family and condominium housing
Category FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
12-mo
moving
total
3-mo
moving
total This month
Single family homes 418 489 458 689 734 733 148 51 1 year change 85 71 -31 231 45 43 -1 2 % change 25.5 17.0 -6.3 50.4 6.5 6.2 -0.7 4.1 percent of all single family sales 10.2 12.9 12.9 17.3 18.2 18.2 14.4 13.6
Condominiums 89 87 72 112 128 143 43 19 1 year change 27 -2 -15 40 16 32 15 5 % change 43.5 -2.2 -17.2 55.6 14.3 28.8 53.6 35.7 percent of all condominium sales 3.1 3.5 2.6 3.2 3.6 3.9 4.6 6.7Source: 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 $1 million or more: December 2014
Total value of all sales ($ million) 3,392.9 3,329.2 3,441.1 4,397.8 4,660.0 4,806.0 1,219.4 424.8 1 year change 514.1 -63.7 111.9 956.7 262.2 300.4 145.9 31.2
% change 17.9 -1.9 3.4 27.8 6.0 6.7 13.6 7.9
Ratio: active inventory to sales
Single family 3.4 3.3 2.3 1.6 1.6 1.6 1.7 1.7 Condo 4.6 4.9 2.9 1.7 1.9 1.9 2.1 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 December 2014 : single family $620,250 (3.4% 1 yr ch); condo $415,000 (1.6% 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: December 2014
DC Economic and Revenue Trends: January 2015 7 DC Office of Revenue Analysis
Federal data shows DC home price increases moderating in
the September quarter.
● In September the quarterly Federal Housing Finance Agency house
price index for DC was 4.2% higher than a year ago. This is a rate of
growth about one-third that in September 2013 (2013.3).
● DC’s 4.2% price increase in the September quarter was higher than
that in the DC metro area (3.7%), but below the US (6.0%).
●Sales of new condominium units for the 12-months ending Dec. totalled
476—7.4% less than a year earlier.
Single family and condominium housing
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
DC 1.3 1.8 8.0 13.2 7.1 12.3 8.4 7.1 8.9 4.2DC metro area 1.9 -0.5 3.5 9.2 6.4 9.3 9.1 7.7 5.4 3.7US -3.0 -4.7 0.8 7.1 6.9 8.6 7.9 7.3 6.5 6.0Addendum: % change from prior year in the average price of settled sales contracts for single family homes
Average DC sales price -9.9 11.6 4.8 13.1 3.3 14.9 -2.2 6.7 12.2 -0.1Source: (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 of the same properties.
Table 11. Federal Housing Finance Agency Price Index for single family property in DC, DC metro area, and US:
2015 est 100,904 3,845 7.6 93,256 2,365 2.3 $1,565 1.92016 est 104,679 3,775 8.2 96,121 2,865 1.4 $1,597 2.02017 est 108,752 4,073 8.6 99,418 3,297 1.4 $1,631 2.12018 est 110,577 1,825 8.6 101,025 1,607 1.1 $1,665 2.12019 est 112,057 1,480 8.8 102,144 1,119 2.1 $1,706 2.5
Table 15. Reis summary of DC market rate apartment units: 2005 to 2019 (est)
Source: Reis. Includes units in competitive, private sector buildings with 40 or more units. Excludes condo conversions.
December 201. CY amounts are last quarter of the year.
Inventory Occupied units Effective rent
DC Economic and Revenue Trends: January 2015 9 DC Office of Revenue Analysis
Housing permits for the past 12 months continue to exceed
4,000
●For the the 12-month period ending December 4,187 housing permits
were issued, up 28.6% from a year ago; the 3-month total was, however,
29.1% lower than last year.
●Apartment demand is expected to more than keep pace with that of the
past several years. According to Reis, in the 3 years 2012, 2013, and
2014 there was an increase of 6,259 in the number of occupied market
rate apartments. Over the next 3 years, occupied units are expected to
increase by 8,527 according to Reis, and 6,875 according to Delta.
Apartments and housing permits
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 2012 FY 2013 FY 2014
12-mo.
moving
total
3-month
moving
total
This
month
Total units 4,091 3,855 4,467 4,187 683 129 change from 1 yr ago 1,632 -236 612 931 -280 95 % change from 1 year 66.4 -5.8 15.9 28.6 -29.1 279.4
Multi-family projects with
5 or more units 21 36 32 31 7 1Source: Census Bureau (permits issued during period).
Table 17. Housing unit building permits issued in DC: December 2014
Date of report 2014.3 2014.4
Net absorption, last 12 months 2,651 2,462Vacancy rate (%) 6.2 6.4Rent increase, last 12 months (% ch) 1.3 1.0New supply of units, next 3 years 13,522 11,693New demand for units, next 3 years 9,999 8,527
Table 18. Reis apartment summary and forecast:
December 2014
Source: Reis, see table 15. 3 year estimate of supply and demand
estimated by ORA from Table 15.
Date of report 2014.3 2014.4
Class A
Net absorption, last 12 months 2,731 3,091
Rent increase, last 12 months 2.6 -0.4
Supply of units, next 3 years
vacant units 529 705
new supply 11,073 10,968
total pipeline 11,602 11,673
New demand for units, next 3 years 6,875 6,875
Stabilized vacancy rate this quarter 3.5 4.5
Stabilized vacancy rate in 3 years 4.6 4.7
Class B
net absorption, last 12 mo. -122 152
Rent increase, last 12 mo. 3.0 5.4
Table 19. Delta Associates apartment summary and forecast:
December 2014 (Class A and B, investment grade)
Source: Delta Associates. Investment grade, Classes A and B
Last Quarter: 2014.4DC 140.67 130.97 6.9 42.81 9.69 1.44Metro area 405.75 360.51 11.1 29.11 45.24 4.12DC share/
difference % 34.7 36.3 -60.9 +47.1 21.4 35.0Source: Delta Associates: includes single tenant and privately owned space. Excludes government owned space. Quarterly data on
comparable basis is not available before 2013.4 due to changes in data base. Direct vacancy rate excludes space for sublet; occupied
space is the same as leased space. msf = million square feet.
Table 21. Delta Associates summary of DC commercial office space: 2005 to December 2014 (2014.4)
Inventory Occupied (leased) spaceDirect
vacancy
rate %
Effective rentDirect
vacancy
( msf)
Under
construction
(msf)
Inventory
(msf) Leased (msf)
Direct
vacancy
rate
Occupied
(msf)
Overall
vacancy
rate
Asking face
rent ($/sf)
Under
construction
(msf)
Calendar year (end of year)
2011 104.95 93.66 10.8 92.5 11.9 50.63 1.60
2012 106.61 94.02 11.8 92.7 13.0 51.58 0.82
2013 107.95 93.72 13.2 92.4 14.4 50.96 1.78
2014 107.46 94.30 12.2 93.5 13.0 51.66 2.09
Last quarter: 2014.4
DC 107.46 94.30 12.2 93.5 13.0 51.66 2.09
Metro area total 296.40 245.92 17.0 242.63 18.1 36.72 5.38
DC share/DC difference 36.3 38.3 -28.2 38.5 -28.2 +40.7 38.8
All property transfers ($ million) 5,591.2 7,789.1 10,059.5 9,533.3 11,063.9 11,569.8 13,526.2 4,582.1 1,236.3 change from one year ago ($M) -5,936.1 2,197.9 2,270.4 -526.2 1,530.6 505.8 3,089.9 1,956.5 107.8 % change from 1 year ago -51.5 39.3 29.1 -5.2 16.1 4.6 29.6 74.5 9.6Note: 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:
December 2014
Date of forecast 20014.3 2014.42 year pipeline (msf) 1.5 1.72 year demand (msf) 2.4 2.5Source: Delta Associates. Pipeline is office buildings
under construction plus those planned that may
deliver in 2 years.
Table 25 Delta two year forecasts for office
outlook: December 2014Indicator DC No VA Sub MD Total DC % of total
US GDP real 2014.3 1 yr % ch 1.7 1.9 2.3 1.8 2.6 2.6 2.7US GDP nominal 2014.3 1 yr % ch 2.6 4.0 4.2 3.5 4.1 4.1 4.3
US Personal income 2014.3 1 yr % ch 1.3 5.9 4.7 3.8 2.8 2.8 3.8US wages 2014.3 1 yr % ch 0.3 4.2 3.5 4.0 3.6 3.6 4.4
Corporate profits 2014.3 1 yr % ch 33.5 -1.1 14.9 6.3 4.4 4.4 5.1S and P stock index December 1 yr % ch 23.7 13.8 5.4 16.7 17.5 18.0 13.6
US CPI December 1 yr % ch 1.7 2.7 2.4 1.6 1.6 1.8 0.8Balt//Wash. area CPI November 1 yr % ch 1.7 3.0 2.4 1.6 1.6 na 1.2Source: BEA (data revised as of December 23, 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: 2014.3 and December 2014
Table 30. Monthly selected US Indicators: June 2014 to December 2014
Indicator June July August September October November December
S and P stock index (level) 1947 1973 1962 1963 1937 2045 2054 % change from prior month 3.0 1.3 -0.6 0.1 -2.8 5.5 0.5 % change from 1 year ago 20.3 18.3 17.5 16.3 12.6 14.6 13.6
Change from prior year 638 170 -273 -47 320 528 247 166 286 255
Percent change from prior year Tax revenue 14.1 3.3 -5.1 -0.9 6.4 9.9 4.2 2.7 4.6 3.9
Personal Income 7.3 9.6 1.3 2.7 9.0 5.4 2.6 2.7 4.4 4.8
Tax revenue as percent of
Personal Income 14.2 13.4 12.6 12.1 11.8 12.3 12.5 12.5 12.6 12.4
Source: ORA. December 2014 revenue estimate under existing legislation. The table includes tax revenue only, before all
earmarks, and excludes all non-tax revenues, lottery, and "O-type" earmarked revenues.
DC Economic and Revenue Trends: January 2015 19 DC Office of Revenue Analysis
DC population. Continued from page 1
net domestic migration in 2014. Are more people moving out? Fewer moving in? We know from income tax
data that there is considerable change in the composition of DC tax filers each year. Net migration is the re-
sult of decisions made by thousands of residents, or potential residents, taking into consideration such things
as demographic factors (age, family formation, children), housing prices, incomes, schools, other city services,
and job availability. Learning more about the nature of the decisions being made to enter or leave DC is im-
portant for understanding how the city may change over the next few years.
One should be cautious about drawing firm conclusions about DC population trends based solely on the most
recent Census estimate because data is revised as more information becomes available. But it is fair to con-
clude at this point that population cannot be assumed to continue to increase in the future as it has in the
recent past. Changes in net migration can cause fairly sharp changes in annual population growth.
Even with the slower overall growth in 2014, however, DC’s rate of population growth in 2014 was twice that
of the US (1.51% v 0.75%). In addition to positive net domestic migration, DC’s share of US births and inter-
national migration in 2014 was significantly greater than DC’s share of the 2013 population (which was
0.21%). —Stephen Swaim, DC Office of Revenue Analysis
time period births deaths Total Internat'l Domestic
Population change: April 2010 to July 2014 57,126 19,313 39,983 20,670 37,229 15,126 22,103
Population change: July 2013 to July 2014 9,782 4,419 9,647 5,228 4,933 3,760 1,173
Population change: April 2010 to July 2013* 47,344 14,894 30,336 15,442 32,296 11,366 20,930
Average annual change: April 2010 to July 2013** 14,567 4,583 9,334 4,751 9,937 3,497 6,440
*equals population change from April 2010 to July 2014 minus that from July 2013 to July 2014.
**equals population change from April 2010 to July 2013 divided by 3.25 years
Source: US Census Bureau
Components of change in DC population: April 2010 to July 2014
Total
Natural
increase
Vital events Net migration
year amount %
2004 567,754
2005 567,136 -618 -0.1
2006 570,681 3,545 0.6
2007 574,404 3,723 0.7
2008 580,236 5,832 1.0
2009 592,228 11,992 2.1
2010 605,210 12,982 2.2
2011 620,427 15,217 2.5
2012 635,040 14,613 2.4
2013 649,111 14,071 2.2
2014 658,893 9,782 1.5
Source: US Census Bureau. Yearly data as of July 1.
total
1 year change
DC population: 2004 to 2014
% change in population from 2013 to 2014
US 0.75
DC 1.51
DC % share of US 2013 population 0.21
DC share of US population change 0.41
DC share of net international migration 0.38
DC share of natural increase 0.32
births 0.24
deaths 0.20
Source: US Census Bureau
Selected comparisons of DC and US population in
2013 and 2014
DC % share of change in US population from 2013 to
2014
Amount %
Natural increase 4,583 4,419 -164 -3.6
International net migration 3,497 3,760 263 7.5
Domestic net migration 6,440 1,173 -5,267 -81.8
Source: US Census Bureau
Annual average
change from April
2010 to July 2013
Major components contributing to the change in DC population: April 2010 to July 2014
Component
Change from
July 2013 to July
2014
Difference: most recent
year over prior 3 year
average
Births 9,334 9,647 313 3.4
Deaths 4,751 5,228 477 10.0
Natural increase 4,583 4,419 -164 -3.6
Source: US Census Bureau
component
Annual average
change from April
2010 to July 2013
Difference: most recent year over
prior 3 year average
Natural increase and vital events contributing to change in DC population: April 2010
to July 2014
Change from
July 2013 to July
2014 Amount %
DC Economic and Revenue Trends: January 2015 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, December 30, 2014.
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 2013 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 2013 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 December March 17
D.C. Personal Income BEA 2014.3 March 25
D.C. Tax Collections OTR/ORA December c. February 15
D.C. Housing Sales MRIS* December c. February 10
D.C. Commercial Office Building data Delta / Cushman and Wakefield 2014.4 (Delta only) c. April 15
DC Apartment data Reis, inc 2014.4 c April 20
D.C. Hotel stay information Smith Travel Research December c. February 20
Consumer Price Index BLS December February 26
U.S. Jobs and Labor Force BLS December February 6
U.S. GDP and Personal Income BEA 2014.3 January 30
S and P 500 Stock Index Financial press December February 1
Interest rate on 10-Year Treasury Securities Financial press December February 1
IHS Global Insight D.C. forecast Global Insight January c. February 25
Moody's Economy.com D.C. forecast Economy.com January c. February 25
Blue Chip Economic Indicators for the U.S. Aspen Publishers January c. February 10
Indicator
*Metropolitan Regional Information Systems; listings and contract data accessed through the Greater Capital Area Association of Realtors.