This has not been the best week for economic news. The housing market lapsed back into a double-dip. The May jobs report showed the slowest private sector employment growth this year, with the average length of unemployment hitting its highest level on record.
But on all these indicators and more, Greater Washington DC flies in the face of the national trend. I’m not exaggerating:
- Metro DC clocked the highest level of housing appreciation on the Case-Shiller Home Price Index, 4 plus percent, while every other metro is tanking.
- Greater Washington posted the second lowest rate of unemployment according to the latest BLS figures, 5.4 percent, as many metros remain above 10 percent.
- And DC households boast the nation’s second highest real household income, $61,449, when cost of living is taken into account, considerably more than Greater New York’s $34,931, which is the nation’s second lowest. Only McAllen-Edinburg-Mission, Texas fares worse.