September 23, 2009 —
The MetroMonitor, a product of the Brookings Metropolitan Policy Program, tracks quarterly indicators
of economic recession and recovery in the nation’s 100 largest metropolitan areas, which collectively
contain two-thirds of the nation’s jobs and generate three-quarters of the gross domestic product. Greater
Washington Research at Brookings is partnering with the Metropolitan Policy Program to highlight the
status of the Washington metropolitan area.
The U.S. Capitol building in the background in Washington
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Reuters/Jason Reed
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The MetroMonitor tracks five key indicators of economic health: employment, unemployment, gross
metropolitan product, housing prices, and real-estate owned properties (REO). Definitions and sources
for each indicator are located in the methodology section at the end of this paper.
Overall
The recession is having varying effects on the top 100 metropolitan areas in the United States. Compared
to many other areas, the Washington region is weathering the recession well. The region has a steady
base of federal and associated jobs in professional/technical services and many high-wage, high-skill
occupations. The labor market is relatively healthy, and gross metropolitan product continues to grow.
However, the metropolitan housing market is relatively weak, with falling prices and a high percentage of
bank owned properties. Additionally, regional averages mask varying levels of economic distress in
different parts of the area. Overall rank of the Washington region: top 20 out of 100.