Washington D.C. Jobs Receive Most Benefit from Stimulus
Posted on March 12, 2009
The recently-passed federal economic stimulus plan will create more jobs in Washington, D.C. than anywhere else in the country.
Cassidy & Pinkard Colliers recently released a report stating that the greater Washington area will benefit the most from the Recovery and Reinvestment Act. According to an article by GlobeSt.com, this is not a surprise, as generally when the economy reaches a recession, population growth in the D.C. area exceeds other cities by 15 to 20 percent.
That means the stimulus, which amounts to $787 billion overall, will garner more jobs and needed office space for Washington, D.C.
Typically, for every $1 billion in federal spending, 7,000 jobs are created in the Washington area. The new stimulus could give D.C. $23 billion during the next three years, meaning 30,000 Washington D.C. jobs could be created by 2010 and 64,000 jobs could be created by 2019.
Already, the Department of the Treasury has created 200 new full-time jobs in the Office of Financial Stability. There are 27 federal agencies expected to be impacted the most by the stimulus. Of those, 23 are located in Washington, two in Maryland and two in northern Virginia.
The southwest and southeast areas of D.C. are expected to benefit the most, or about 75 percent, from the stimulus, as the bill focuses on transportation, energy and education projects. The east end of the city should be impacted by about 10 percent of the stimulus for projects involving the environment, commerce and engineering.
In nearby Maryland, the Bethesda area will be impacted by about $10 billion appropriated for health research, while northern Virginia’s Ballston and I-395 areas will be impacted by the $3 billion appropriated for science innovation and defense spending.