Many thanks to my friend Adam for sending me this article from the City Journal. In it they describe how DC is becoming America’s second city, taking the place of Chicago and LA. I admit I cannot see it but that may be because I am too close to the subject.
In the article, Aaron Renn gives all the economic changes that have improved the DC metro area over the past 10-15 years: increasing incomes, new tech companies out of defense contractors, increased commercial development in downtown and the riverside /Nats Park area and moving corporate headquarters.
He also observes the demographic changes, more college degrees, people with advanced degrees, young ambitious professionals, and young families. For the first time since 1950 the District increased its population in the 2010 census. It’s estimated that the District is gaining between 1,000-2,000 new residents PER MONTH. This is what has caused the dramatic lack of real estate inventory for sale. Hopefully over the next 2 years the 2000 new units of housing on U Street and 18,000 city wide will aleviate some of the high rents but that will have to affect the lower end of the market. Most of the new units are high end professional buildings with lots of services.
I am happy that DC is seeing such success. This city has great resources: museums, parks, hotels, restaurants, bars, nightlife and theater. It is time that people are recognizing it. I worry that Tea Partiers will see our success as government excess instead of entrepenuerial spirit and punish us for it.
Tucker Gallagher Realtor, Stages Premier