DC's Population And Wealth Are Growing

DC’s personal income is inching to $50B, yet far more people rent than own in this city. That’s just one of the stats gleaned from the Economic Intelligence Dashboard released last week by the Department of Planning and Economic Development. 

DC’s personal income is inching to $50B, yet far more people rent than own in this city. That’s just one of the stats gleaned from the Economic Intelligence Dashboard released last week by the Department of Planning and Economic Development. 

City officials are hoping public feedback and questions on the trends will expand the scope of the dashboard and focus areas for the Bowser Administration. 

We talked with Andrew Trueblood, Deputy Mayor for Planning and Economic Development Chief of Staff (pointing at the map), and his team about some of DC's most significant trends.

Bisnow: Wow, DC residents have $50B in personal income. What do you make of that?

Andrew: The economic health of the District, in general, is moving in all good directions. Unemployment is moving down, income and population are moving up. DC’s personal income has been growing at a faster rate than the overall US.

Bisnow: More people are renting than buying in the District. Is that a concern or a normal trend for cities?

Andrew: In urban areas, especially high-cost areas, you see higher rental to ownership rates. Those numbers in isolation are not a concern. We’re trying to make sure there are housing options whether people want to own or rent. 

Bisnow: Multifamily construction has gone up dramatically since 2011. What happened and will that trend continue?

Andrew: 2011 is the tail end of the recession when multifamily construction came to a halt. We’re seeing a result of continued population and economic growth. We like to see lots of multifamily housing because it helps maintain the city’s affordability. 

Bisnow: Looks like 2016 will be a big year for affordable housing. What’s pushing those projects forward?

Andrew: The mayor. We’ve seen a number of tangible steps, including a $100M budget for new and existing affordable housing, the establishment of a preservation strike force and a new top-notch team at the Department of Housing and Community Development. Over 10,000 units will lose their affordability by 2020, so it’s not just about creating more but also preserving.  

Bisnow: Several big projects are scheduled (orange dots) to begin in 2016 or under construction (green dots). What’s driving that push?

Andrew: Like affordable housing, the mayor has been pushing a number of these deals forward. Skyland in Ward 7 is a great example. It was stuck when we came into office a year ago and we worked to untangle it. We’ve had some other big wins this year with Walter Reed and St. Elizabeth’s. 

Bisnow: Another interesting trend is that private sector employment has really taken over public sector employment. Are we not a government town anymore?

Andrew: It’s a twofold trend. One is out of our control, which is that the federal government has been stagnant or shrinking since the stimulus package of 2010. In the meantime, we’ve seen serious growth in the professional services, tourism and technology. On the tech side, folks who come to DC to try and make a difference, get inspired to join or start up a tech firm. Tourism has been record-breaking over the last year. 

Bisnow: But population was almost 800,000 in the mid-'60s and now it’s around 670,000. Will it ever get back to 800,000?

Andrew: Population, according to the Census numbers for 2015, is the highest it’s been since 1977. Our population forecast shows us getting back to 800,000 in the mid- to late 2020s. How we accommodate new residents and ensure long-term residents stay in the District at the same time is an important policy focus for the mayor.