Slow Economic Growth Reported In DMV Area
Things didn’t exactly look good in the District of Columbia, Maryland and Virginia economically in 2014, according to a government report.
The economy in Virginia was essentially flat, while the District and Maryland didn’t fare much better, with 1.6 and .83 percent growth rates, respectively, according to numbers released by the Department of Commerce Wednesday.
The real GDP in Virginia, which adjusts for inflation, stayed at $427.5 billion, while it grew in Maryland from $318.6 billion to $321.2 billion and in D.C. $103.41 billion to $105.02 billion.
According to David Oberting, executive director of Economic Growth DC, a non-profit group dedicated to improving the growth rate of the District’s economy, the small spike in economic output isn’t enough to create the type of jobs and opportunities the city needs.
Oberting said a growth rate of between 3 and 4 percent would be ideal, though in D.C. the economy relies heavily on the actions of the federal government.
“Some of the slow growth has to do with sequestrations, and the fact that the District government is too dependent on federal dollars,” he said.
The District did stand out in one area, though, where it far outpaced any state in per capita real GDP. At $159,386 D.C.’s GDP per capita was the highest in the nation and more than double the next highest state, Alaska, with $66,160.
The only states to fare worse than Virginia in 2014 were Mississippi and Alaska, who saw contractions of 1.2 and 1.3 percent, respectively.
Overall, the GDP increased in the 50 states and the District of Columbia by 2.2 percent in 2014 after increasing by 1.9 percent in 2013.
Texas and North Dakota led the nation in growth at 6.3 and 5.2 percent, respectively.
Request for comment from D.C. Mayor Muriel Bowser’s office was not returned in time for publishing.
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