In earlier posts, I outlined where Montgomery County stands in terms of jobs and wages, discussed the related issue of income inequality and pointed out that the older segment of our population is going to grow disproportionately to other age groups over the next two decades.
Now let’s assess the past and future rate of population growth, job openings and housing construction, and the relationship of these factors to lagging wage growth in contributing to one of most significant economic challenges: a shortage of affordable housing.
Population and job growth
Before we can evaluate how much new housing and office space is needed in the future, we first have to understand how many people (and jobs) we might reasonably … Continue reading
In the last post I explained why I think Montgomery County is in pretty good shape (at least for the moment) on the economic measures that matter most – jobs and wages. But serious challenges to our ability to maintain and improve our quality of life are already apparent and I’m concerned about our future competitiveness.
Jobs and income: the bad news
In real, inflation-adjusted terms, median incomes in Montgomery County have not recovered to the levels reached before the recession that began in 2008. For that matter, real median incomes are down or flat in every DC-area jurisdiction except for the District and Loudon County. This chart shows the weakness of the recovery in incomes:
… Continue reading
The debate over the future of Montgomery County – what kind of place we are, what kind of place we want to be and how we can pay to maintain our quality of life –has taken on a healthy sense of urgency during this election season. But I’m not sure that the public debate over these issues has provided a clear picture of our economic strengths and weaknesses, and – more importantly – where we need to focus our efforts to bolster our economic competitiveness.
Now that the primaries are over and dust is in the process of settling, I want to provide an assessment of our economic health and prospects. I hope to show that while we … Continue reading