october 27, 2010
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The 2 nd Year of the Recovery: Performance and Outlook. Stephen S. Fuller, PhD Director, Center for Regional Analysis School of Public Policy George Mason University. October 27, 2010. Recession Recovery Patterns of GDP Past Four Recessions. % Change in GDP. Quarters After Trough. - PowerPoint PPT PresentationTRANSCRIPT
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October 27, 2010
The 2nd Year of the Recovery:Performance and Outlook
Stephen S. Fuller, PhDDirector, Center for Regional Analysis
School of Public PolicyGeorge Mason University
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Quarters After Trough
% C
hang
e in
GD
P
Recession Recovery Patterns of GDPPast Four Recessions
Sources: BEA, GMU Center for Regional Analysis
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U.S. Gross Domestic ProductQuarterly Change: 2006 – 2012
%
2006 2007 2008 2009 2010 2011 2012
Source: Global Insight
Forecast > > > > > > > >
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L.I.
C.I.
U.S. Coincident and Leading IndicesNov 2006 – Sep 2010
RECESSION > > >
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MFGNON-MFG
ISM Manufacturing and Non-Manufacturing Indices
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Initial Unemployment Claims000s (4-week moving average)
454
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Annual Change in Payroll Jobs - USTHOUSANDS
Sep = + 321
Source: BLS Establishment Survey, NSA
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U.S. Job Change by SectorDecember 2007 – December 2009
(000s) Total - 8,363,000
Source: BLS March 2010 Benchmark, (Seasonally Adjusted), GMU Center for Regional Analysis
Ranked by Size in 2010
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U.S. Job Change by SectorDecember 2009 – September 2010
(000s) Total 613,000
Source: BLS March 2010 Benchmark, (Seasonally Adjusted), GMU Center for Regional Analysis
Ranked by Size in 2010
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U.S. Unemployment Rate
%
Source: BLS, Seasonally Adjusted
9.6 %
GI Fcst
10 9.711 9.612 9.113 8.514 7.915 7.3
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The Washington Area Economy
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Washington MSA Leading Economic IndexMonth-Over-Year Percent Change
12-MonthMoving Average
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Annual Job ChangeWashington MSA
000s Annual Data Annual Month over Year
2008 2009 2010
Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis
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15 Largest Job MarketsJob Change Sep 09 – Sep 10
(000s)
Washington + 56,100
Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis
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Job Change by SectorSep 2009 – Sep 2010
Washington MSA(000s) Total 56,100
Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis
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Annual Job ChangeNorthern Virginia
000s Annual Data Annual Month over Year
2008 2009 2010
Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis
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Job Change by SectorDec 2007 – Dec 2009
Northern Virginia(000s) Total - 30,700
Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis
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Job Change by SectorSep 2009 – Sep 2010
Northern Virginia(000s) Total 15,000
Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis
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9.5
6.2
5.1
%
Unemployment Rate
Source: BLS (Not seasonally adjusted)
U.S.
MSA
NVA
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15 Largest Job MarketsRanked by Unemployment Rate
August 2010%
US 9.5
Source: BLS, NOT Seasonally Adjusted
6.2
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Housing Market Trends
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Existing Home SalesWashington MSA
Through September 2010
12-Month Moving Average
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Percent Change in Inventories of Existing Homes
Month-Over-the-Year-Change2000 – 2010, MSA
Jan-May, 2006 >100 %
Source: MRIS, GMU Center for Regional Analysis
%
Sep = + 2.1%
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Total Active Listings Per SaleSeptember Each Year
LDN
PG
FFXARL
DC MONT
PW
Source: MRIS, GMU Center for Regional Analysis
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Average Sales Price Percent ChangeWashington MSA
All Housing Types%
Source: MRIS, GMU Center for Regional Analysis
Annual Change Annual Change by Month
2007 2008 2009 2010
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Average Sales Price Percent ChangeNorthern Virginia
All Housing Types%
Source: MRIS, GMU Center for Regional Analysis
Annual Change Annual Change by Month
2007 2008 2009 2010
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Economic Forecast
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Economic Outlook (GRP) – 2015Washington Area and Sub-state Portions
(Annual % Change)%
DCSMMSANV
Source: GMU Center for Regional Analysis
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Employment Change bySub-state Region (000s)
2007 2008 2009 2010 2011 2012 2013 2014
D.C.D.C. 5.35.3 10.1 10.1 -0.7-0.7 6.26.2 7.27.2 6.76.7 7.27.2 7.37.3
Sub. MDSub. MD 4.84.8 -1.4-1.4 -26.7-26.7 9.39.3 9.79.7 11.111.1 13.313.3 14.714.7
No. VANo. VA 13.2 4.4 -24.5 16.7 20.4 26.5 28.3 29.9
REGION 23.323.3 12.912.9 -51.9-51.9 32.232.2 37.337.3 44.344.3 48.848.8 51.951.9
Average Annual Change 1990-2008 = 37,000
Source: BLS, GMU Center for Regional Analysis, 2009-2014 based on 2010 Benchmark data from BLS
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%
Source: Global Insight, GMU Center for Regional Analysis
GDP/GRP 2000 - 2015
Washington
U.S.
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