Region’s Economy Steady, But Possible Trouble on Horizon
The Frederick News-Post, 03/30/2019
Washington, D.C.’s regional economy slowed for two consecutive months over December and January, according to a recent report from the Stephen S. Fuller Institute at George Mason University. The report, which included an index showing the state of the economy and lower-than-expected job growth figures from the U.S. Bureau of Labor Statistics, noted that the decline was likely attributed in part to the 35-day partial government shutdown. RESI Chief Economist Dr. Daraius Irani, stated while he expects to see some job growth in the Maryland region, he predicts that an economic slowdown will begin in 2020. According to Dr. Irani, the current administration’s focus on reducing the federal workforce could have more of an effect on Maryland, which has previously relied on federal employment to avoid the worst impact of recessions. The chief economist also noted that “it’s the uncertainty that’s being created that can impact the economy.”
What Does It Mean To Have A Military Base In Your Neighborhood?
WAMU 88.5, 04/16/2019
Shopping on military bases allows families to purchase tax-free goods and services, and the question of how this, along with the presence of a local military base impacts the economy of the surrounding community was recently posed to WAMU. This article explores the many benefits of the base to the local economy, such as off-base spending, local volunteer outreach, and direct and indirect jobs. RESI Chief Economist Dr. Daraius Irani noted that military bases can lessen local impacts from economic declines stating, “So our lows weren’t as bad — in terms of unemployment or anything like that — weren’t as bad as, say, Indiana” … “Our growth and decline was tempered by having a lot of federal presence here.” However, for communities that rely heavily on base activity, a base closure could have substantial economic consequences. According to Dr. Irani, “With base realignment and closure processes there are always a specter that a base could be shut down.”