Experts say that the region’s attractiveness to retailers is largely a byproduct of its overall economic strength. Washington’s job market is in full recovery mode, gaining 74,600 new jobs between February 2010 and February 2011. And unemployment dropped to 5.9 percent during the period, the lowest among major metro areas, according to Delta Associates.
And while Delta projects the region to add fewer jobs this year — roughly 48,100 — the growth is still ahead of Washington’s 20-year average growth of 35,700 jobs annually.
Northern Virginia will lead the way in that recovery, gaining an estimated 22,100 jobs this year, followed by suburban Maryland and the District, according to the report.
The accelerated recovery is more evidence that the region’s economy is “relatively recession proof,” said Ed McMahon, senior resident fellow at the Urban Land Institute.
“It makes sense — as the economy has grown worse in other parts of the country, we hire more and more people here to figure out how to fix it,” he said. SEmD Liz Farmer
