MONTGOMERY COUNTY, Md. – Federal workforce reductions and restructuring are having a rippling effect across the DMV. The impacts and navigating them are topping agendas at county meetings across the region.
Montgomery County lawmakers were discussing the impacts on the county wide at Thursday’s Economic Development Committee meeting, and they’re not alone.
By the numbers:
At the committee meeting, lawmakers reported that the county’s unemployment rate is up—just above 3% right now compared to around 2.5% compared to last year.
There are also nearly 1,300 active listings compared to this time last year when there were 792.
This comes as the Montgomery County Economic Development Corporation and the Montgomery County Planning Department jointly produced its quarterly fact sheet on the County’s Economic Indicators.
“More people are dining for lunch, for instance, that weren’t here. Those people were usually eating lunch and dinner downtown and the restaurants here are doing very well,” said Bill Squier, who also lives in Bethesda.
The report focuses on indicators related to employment including changes in the workforce and the unemployment rate which reportedly went up nearly 17% compared to this time last year.
Dig deeper:
Additionally, more homes are up for sale and sale prices are higher county wide compared to this time last year.
The report also reviews real estate and development describing rents and office vacancies, the latter at nearly 19% and reportedly up compared to this time last year.
“I’ve noticed that too. We both have—this is my dad. I’ve noticed it quite a bit,” Bethesda resident Susan Gibeson told FOX 5. “Condominiums seem to be on the market more than I’ve ever seen before.”
Big picture view:
Active listings are up countywide nearly 64% compared to 2024. Retail vacancies are also reportedly up compared to last year.
Similar findings are playing out across the region.
“We know that unemployment claims are on the rise in D.C., Maryland and Virginia and in the first 13 weeks of 2024 there have been more unemployment claims than in 2023 and 2024 combined,” Fairfax County Board of Supervisors Chairman Jeffrey McKay said.
FOX 5 is told that the big concern for lawmakers across the region is high-income residents leaving the area due to job loss and being unable to afford housing.