As National Economy Recovers, DC Slows Down
Call it delayed reaction, but DC may finally be experiencing the effects of the recession. Statistics show that after years of living in an invisible bubble of prosperity while the rest of the nation struggled through the recession, DC’s economy is slowing down...just as the rest of the nation's recovery picks up, reports NY Magazine. Of the 15 major metro areas, DC was the only economy to shrink between 2012 and 2013, and fell to 14th out of 15 in terms of job growth. Compare that to 2009-2010 when DC was second only to Boston. DC's shrinking economy is quite possibly from budget cuts, the wars in Iraq and Afghanistan, and federal procurement dollars being funneled to contractors in other states. But it’s not all bad for DC. There is still some growth in the lower-income areas of the economy, like retail shops, bars and restaurants, and yoga studios.
