District of Columbia Economic and Revenue Trends:July 2013

GOVERNMENTOFTHEDISTRICTOFCOLUMBIA
OFFICEOFTHECHIEFFINANCIALOFFICER
OFFICEOFREVENUEANALYSIS
DistrictofColumbiaEconomicandRevenueTrends:July2013
VincentC.Gray,MayorFitzroyLee,DeputyCFO&ChiefEconomist
NatwarM.Gandhi,ChiefFinancialOfficerStephenC.Swaim,SeniorEconomist
Junehighlights:
Slowjobgrowth.........2
Slowerresidentemploy
ment.......4
Moreoccupiedoffice
space....8
Indicatorupdates:
Wageandsalaryemployment..2
SectorsoftheDCeconomy....3
Residentemploymentandunem
ployment.... 4
Wagesandincome.......5
Residentialrealestate...6
Commercialofficespace....8
Realestateconstructionoutlook
andvalueoftransactions....9
Hospitality...........10
USeconomy.....11
Is the DC economy stalling?
BLS reports no recent net gains in either jobs located in DC or jobs

held by DC residents
Employment in the District of Columbia has stopped growing in recent months,
according to seasonally-adjusted employment and labor force data from the US
Bureau of Labor Statistics. This is true both for jobs located in the District of
Columbia and for jobs held by DC residents.
The number of jobs located in DC peaked at 736,400 in October 2012, declining
by May 2013 to 733,800. This decrease of 2,600 (0.4%) over the past seven
months represents a significant change from the preceding 42 month period.
From April 2009 to October 2012 employment had increased by 41,200 (5.9%).
For DC residents, employment peaked in March 2013 at 341,229, and by May
had dropped by 665. The decline was smalljust 0.2%but it was a sharp reversal from the recent past. In the 20 months between July 2011 and March
2013, District resident employment grew by 31,355 (10.1%).
Especially because the full effects of federal spending cutbacks mandated by the
sequester have not yet materialized, data suggesting that employment in the
District of Columbia has already begun to decline are particularly worrisome. It
is, however, too soon to draw firm conclusions from this data about the near
term outlook for the Districts economy. This is true for two reasons: (1) the
data may be revised, and (2) this data needs to be considered along with other
indicators, some not so negative, in getting a full picture of current trends.
With respect to data revisions, the annual revisions that take place each spring
have often been significant. This past March, for example, BLS raised its seasonally adjusted estimate of the level of resident employment for May 2012 by
5,736 (1.8%). The resident employment number seems (continued on p. 17)
DCtaxcollections......12
WageandsalaryemploymentinDC:May
2012toMay2013(seasonallyadjusted)
740,000
DC Economic and Revenue Trends: July 2013
May13
Mar13
Jan13
Nov12
Sep12
May13
Feb13
Mar13
Apr13
ORAcontactinformation..18
Nov12
Dec12
Jan13
720,000
Jul12
725,000
Sep12
Oct12
Aboutthisreport...........18
730,000
Jun12
Jul12
Aug12
ORAreports&documents....18
350,000
340,000
330,000
320,000
310,000
735,000
May12
DCrevenueestimate........16
May12
USandDCforecasts.......14
DCresidentemployment: May
2012toMay2013seasonally
adjusted)
DC Office of Revenue Analysis
Wage and salary employment

DC job growth weakening and remains well
below that in the US and DCs suburbs
May wage and salary employment in DC was up by 2,267
(0.3%) from a year earlier as measured by the 3-month
moving average.
Changeinwageandsalaryemploymentlocatedin
DC,theDC suburbs,and theUS:
May2011toMay2013
(%changefromprioryearin3monthmovingaverage)
Federal government employment for May was down by

4,100 (-2.0%); the private sector gained 6,867 (1.4%).
3.0
Total year-over-year DC metropolitan area employment

increased by 43,633 (1.4%) in May as measured by the 3month moving average.
2.0
1.0
May13
Feb13
Nov12
Aug12
May12
Nov11
1.0
May11
Seasonally adjusted wage and salary employment in DC

rose by 700 (0.1%) in May from the prior month. Seasonally
adjusted employment was 400 more than it was six months
earlier in November.
Feb12
0.0
Aug11
There was an increase of 1.8% in suburban Washington

employment in May from a year earlier.
DC(may@0.3)
DCsuburbs(may@1.8)
US(may@1.6)
Table1.Wageandsalaryemploymentin DC,WashingtonMetroarea,andtheUS:May2013
Jurisdiction
DistrictofColumbia
1yearchange
%change
FY2010
FY2011
FY2012
709,075
7,442
1.1
723,233
14,158
2.0
730,033
6,800
0.9
732,983
3,900
0.5
732,700
2,267
0.3
730,300
200
0.0
2,956,233
8,083
0.3
2,998,442
42,208
1.4
3,030,808
32,367
1.1
3,057,542
35,608
1.2
3,075,733
43,633
1.4
3,092,100
48,500
1.6
W ashingtonsuburbs(%ch)
0.7
1.2
1.1
1.4
1.8
2.1
US(%ch)
1.9
1.2
1.7
1.6
1.6
1.6
W ashingtonmetroarea
1yearchange
%change
12moavg 3moaverage
Thi smonth
Notseasonallyadjusted.Suburbanempl oymentisthedi fferencebetweenthemetroareatotalandtheDC portion.

Source:BLS.Maydataispreliminary.
Table2.FederalgovernmentandprivatesectorwageandsalaryemploymentinDC:May2013
FY2010
FY2011
FY2012
12moavg
3month
average
208,233
10,183
5.1
213,258
5,025
2.4
208,600
4,658
2.2
206,392
3,917
1.9
203,433
4,100
2.0
202,600
4,800
2.3
Privatesector
464,100
474,833
1yearchange
1,158
10,733
%change
0.3
2.3
Source:BLS.Notseasonallyadjusted.Mayispreliminary.
486,708
11,875
2.5
492,258
8,183
1.7
495,967
6,867
1.4
494,200
5,400
1.1
Sector
Federalgovernment
1yearchange
%change
Thismonth
Table3.SeasonallyadjustedDCEmployment:November2012toMay2013
Indicator
D.C.WageandSalaryemployment
changefrompriormonth
%changefrompriormonth
Nov
Dec
Jan
Feb
Mar
Apr
May
733,400
3,000
0.4
733,000
400
0.1
734,700
1,700
0.2
733,600
1,100
0.1
734,300
700
0.1
733,100
1,200
0.2
733,800
700
0.1
Source:BLSseasonallyadjusted.Mayispr eliminar y
Sectors of the economy

Education and professional services (other than
legal) lead private sector job growth
Federalgovernmentandprivatesectorwageand
salaryemploymentinDC: May2011toMay2013
In May education gained 3,467 jobs over last year and

professional services (other than legal) gained 2,567 jobs,
together acccouting for about 88% of all private sector net job
growth. (3-month moving averages.)
5.0
4.0
3.0
Food service (+1,333) was the only other sector showing a

gain of at least 1,000 over the year.
2.0
1.0
May13
Mar13
Jan13
Sep12
Nov12
Jul12
May12
Mar12
Jan12
Sep11
Nov11
2.0
Local government fell by 500.
May11
1.0
Jul11
0.0
Private sector industries losing jobs included information,

legal, employment services, and retail.
3.0
Over the past year, DCs share of federal employment fell

slightly in both the DC metro area and the US.
federalgov't(may@2.0)
privatesector(may@1.4)
Table4.WageandsalaryemploymentlocatedinDC:May2013
3monthmovingaverage
1yearchange
Industrysector
Federalgovernment
Localgovernm ent
May2012 May2013 Amount %

207,533
203,433 4,100
2.0
33,800
33,300
500
1.5
12mo.
moving
avg:
%change
Sector%of
allDCjobs,
May2013
DCshare(%)inMay2013
ofallsectorjobsin:
ChangefromMay2012
toMay2013inDC
shareofsectorjobsin:
metro area
metroarea
US
US
1.9
1.1
27.8
4.5
54.8
10.3
7.39
0.17
0.4
0.6
0.01
0.00
Legalservices
OtherProfessionalandtechnical
29,633
75,600
29,333
78,167
300
2,567
1.0
3.4
1.1
3.6
4.0
10.7
na
22.4
2.64
1.12
na
0.5
0.04
0.00
Em ploymentservices
OtherBusinessservices
Information
13,833
33,433
17,367
13,367
34,300
16,600
467
867
767
3.4
2.6
4.4
3.3
1.9
5.4
1.8
4.7
2.3
35.1
18.0
21.9
0.46
0.47
0.63
0.9
0.3
1.1
0.06
0.01
0.04
Finance
28,100
28,400
300
1.1
1.2
3.9
19.1
0.37
0.1
0.00
Organizations
Education
60,367
51,067
61,300
54,533
933
3,467
1.5
6.8
1.6
4.3
8.4
7.4
37.0
52.2
2.09
1.61
0.7
0.3
0.03
0.08
Health
63,567
64,467
900
1.4
1.3
8.8
22.9
0.37
0.2
0.00
Foodservice
Accomodations
Amusementandrecreation
43,333
15,667
7,333
44,667
15,500
6,933
1,333
167
400
3.1
1.1
5.5
4.0
0.1
2.7
6.1
2.1
0.9
21.0
37.0
18.3
0.42
0.87
0.36
0.5
0.6
1.3
0.01
0.01
0.00
Retailtrade
18,700
18,033
667
3.6
1.4
2.5
6.9
0.12
0.2
0.01
4,900
5,000
100
2.0
5.1
0.7
8.0
0.09
0.3
0.00
Wholesaletrade
Construction
13,300
13,467
167
1.3
6.8
1.8
9.6
0.25
0.5
0.01
Personalandmiscellaneousser.
7,700
6,967
733
9.5
3.3
1.0
na
0.28
na
0.03
Otherprivate
5,200
4,933
267
5.1
3.1
0.7
4.5
0.03
0.0
0.00
730,433
732,700
2,267
0.3
0.5
100.0
24.0
0.54
0.2
0.01
Total
Publicsector
241,333
236,733
4,600
1.9
1.7
32.3
34.3
1.08
1.0
0.01
Privatesector
489,100
495,967
6,867
1.4
1.7
67.7
20.9
0.44
0.1
0.00
Professionalandallbusiness
197,967
200,167
2,200
1.1
1.0
27.3
21.5
0.85
0.0
0.01
3.0
2.3
24.6
31.6
0.58
0.4
Education,health,andorgs.
175,000
180,300
5,300
0.2
2.1
12.3
14.4
0.25
0.1
Hospitalityandtrade
89,933
90,133
200
Otherprivatesector
26,200
25,367
833
3.2
1.8
3.5
10.2
0.10
0.1
Source:BLS.notseasonallyadjusted.na=notavailable.Forthemetroarea,legalisincludedinotherprofessionalandtechnical,andpersonaland
miscellaneousservicesisincludedinorganizations(acategoryBLScalls"otherservices")
0.01
0.00
0.00
Resident employment
DCs resident employment growth has been slowing
ResidentemploymentinDC,theDC suburbs,and
theUS:May2011toMay2013
In May DC resident employment rose 14,780 (4.6%) from a year

earlier (3-mo. moving average).
8.0
Seasonally adjusted DC resident employment has fallen for two

months in a row and is below the March level.
6.0
4.0
In May the unemployment rate (seasonally adjusted) remained

at 8.5%. The rate has changed little in the past 6 months.
May13
Mar13
Jan13
Nov12
Sep12
Jul12
May12
(%changefromprioryearin3mo.movingaverage)
Table5.UnemploymentratesforDC,metroarea,andUS:
May2013
6.0
(percentoflaborforce)
4.0
Notseasonallyadj.
May13
Feb13
jobsinDC(may@0.3)
Nov12
Aug12
May12
Feb12
Nov11
US
DCmetroarea
DC
DCsuburbs
Aug11
Jurisdiction
0.0
May11
2.0
2.0
Jan12
DC(may@4.6)
DCsuburbs(may@0.9)
US(may@1.1)
JobslocatedinDCandDC residentemployment
May2011to May2013
8.0
Mar12
Nov11
May11
2.0
Sep11
0.0
(3-
Jul11
Mayinitial unemployment insurance claims were up 5.7%

month moving average).
2.0
DCres.jobs(may@4.6)
May2012
Seasonallyadj.
May2013
7.9
5.5
9.0
5.1
May2012
7.3
5.6
8.3
5.2
May2013
8.2
na
9.1
na
7.6
na
8.5
na
Source:U.S.BLS.na= datanot available
Tab l e 6 .R es id en t e m p lo ym e n ta n d u n e m p lo ym e n t:M ay2 01 3

In dic ato r
F Y2 01 0
F Y2 01 1
FY2 0 12
3 m o n th
ave rag e
1 2m oa vg
T his m o n th
D C La bo r for ce sum m ary

R e sident em p loy m e nt
1y ea r cha ng e
% c han ge
308 ,513
4 ,332
1. 4
312 ,14 8
3 ,63 5
1. 2
32 3,41 2
1 1,26 4
3. 6
336, 379
19, 665
6. 2
339 ,223
14 ,780
4. 6
338, 746
11, 198
3 .4
La b or Fo rc e
1y ea r cha ng e
% c han ge
343 ,475
9 ,339
2. 8
347 ,47 0
3 ,99 5
1. 2
35 6,43 9
8,96 9
2. 6
368, 345
17, 260
4. 9
369 ,596
13 ,720
3. 9
369, 522
9, 690
2 .7
U ne m pl oy e d
1y ea r cha ng e
% c han ge
34 ,962
5 ,007
16. 7
35 ,32 2
36 0
1. 0
3 3,02 7
2,29 5
6. 5
31, 967
2, 406
7. 0
30 ,374
1 ,061
3. 4
30, 776
1, 508
4 .7
10.2
10. 2
9. 3
8. 7
8.2
8. 3
2 ,10 1
30 2
1,78 4
31 7
1, 845
9
1 ,686
90
1, 781
98
U ne m pl oy m e nt ra t e
D C Un em pl oy m e nt in sur a nce (st a te pr og r a m )

I nit ia lc la im s (m on thly a v g .)
1y ea r cha ng e
% c han ge
1 ,799
404
18. 3
16. 8
15. 1
0. 5
5. 7
5 .8
53 ,592
46 ,42 3
4 5,17 0
42, 803
39 ,811
37, 634
1y ea r cha ng e
881
7 ,16 9
1,25 3
3, 975
3 ,045
7, 877
% c han ge
1. 6
13. 4
2. 7
8. 5
7. 1
17 .3
W e e k sco m pe nsa t e d(m o. a vg . )
So u rce :L a bo rf orc e :B L S.U n em p loym en tIns u ran c e: USD ep to fL a bo r.N o tse as on a llyad j.
Table7.SeasonallyadjustedDCResidentemploymentandunemployment:November2012toMay2013
Indicator
DCResidentemployment
changefrompriormonth
%changefrompriormonth
DCUnemploymentrate(%)
Nov
Dec
Jan
Feb
Mar
Apr
May
337,835
1,825
0.5
339,422
1,587
0.5
340,227
805
0.2
340,941
714
0.2
341,229
288
0.1
340,933
296
0.1
340,564
369
0.1
8.5
8.4
8.6
8.6
8.6
8.5
8.5
Source:BLSseasonallyadjusted.Mayispreliminary
Wages and income

DC resident wage gains slow
Wages earned in the District of Columbia were 2.0%
higher in the March quarter compared to the same quarter of 2012. The last 2 quarters have been the slowest
year-over-year increases in over 3 years.
WagesearnedinDC, wagesearnedby DC
residents,andwagesearnedintheUS:2010.1to
2013.1
(%changefromthesamequarteroftheprioryear)
6.0
Wages earned in DC have now grown at a slower rate

than the US average for 9 quarters.
3.0
2013.1
2012.4
2012.3
2012.2
2012.1
2011.4
2011.3
2011.2
2011.1
2010.4
In the March quarter, the private sector accounted for

97% of the $1.20 billion increase in wages earned in DC.
2010.3
3.0
2010.2
0.0
2010.1
In the March quarter, estimated wages of DC residents

grew 1.7%the first time in 3 years that growth has
been lower than wages earned in DC. DC Personal Income grew 2.2%.
6.0
DC(2013.1@2.0)
DCresident(2013.1@1.7)
US(2013.1@3.2)
Table8.DCWagesand PersonalIncome:March2013
($billionatseasonallyadjustedannualratesunlessotherwisenoted)
Indicator
FY2009
F Y2010
FY2011
FY2012
4qua rter
m ov ing
a vera ge
La test
qua rter
(Mar.)
Wagesand salariesearn edinDC

1yearchange
%chan ge
55.4 1
1.1 4
2.1
57.81
2.40
4 .3
60.0 5
2.2 4
3.9
61.32
1.27
2 .1
61.86
1.02
1 .7
62.44
1.20
2.0
Supplementstow ages&salaries
%chan ge
16.3 1
6.3
17.17
5 .3
17.9 0
4.2
18.20
1 .7
18.26
0 .6
18.45
1.5
5.3 8
6.0
5.63
4 .6
5.9 6
6.0
6.24
4 .6
6.45
6 .7
6.60
6.2
21.4 0
0.7 6
3.7
22.59
1.19
5 .6
23.8 4
1.2 5
5.5
24.61
0.78
3 .3
24.87
0.55
2 .3
25.05
0.43
1.7
30.1
2.4
31.8
5 .5
33.9
6.6
35.2
3 .8
35.5
2 .6
35.6
1.4
5.7 8
14.1
5.18
10 .4
5.4 7
5.6
5.70
4 .3
5.96
6 .6
5.99
5.9
4.6 2
9.1
5.22
13 .0
5.7 0
9.1
5.91
3 .8
6.02
3 .8
6.09
3.4
40.5 2
0.1 6
0.4
42.18
1.66
4 .1
45.0 3
2.8 5
6.8
46.77
1.74
3 .9
47.51
1.49
3 .2
47.72
1.03
2.2
3.5
3.6
1 .4
0 .4
5.6
4.0
3 .3
3 .1
3 .7
3 .7
2.8
3.2
Ad dendum:C han gefromprioryearinw agesea rnedinDCb ysec tor

0.15
Privatesector(1 yrch ,$B)
Federalgovernment(1yrch,$B)
1.08
0.57
1.79
1.6 2
0.7 5
1.38
0.16
1.11
0.12
1.16
0.05
D Cres.w agesas%of wag esearn edin DC
39 .1
39.7
40 .1
40 .2
40.1
P ro prieto rs'inco meearnedb yDCresidents*

%chan ge
Wagesand salariesof DCresid ents***
c hangefromo neyearago
%chan ge
Inc omeearnedbyDCresid ents
%chan ge
P ro pertyinc omeofDCresidents
%chan ge
P ensio nsand othertran sferofD Cresiden ts
%chan ge
D CP erson alInco me**
1yearchange
%chan ge
USPerso nalinco me(%c hang efro mprioryea r)
USWagesandsalaries(%chan gefromprioryear)
38.6
*Proprietors' incomeisde rivedfr omfederaltax dataandthereforeallproprietors' incomeisearne dbyDCre sidents.

**Reflectsde ductionofsocialinsurancepaidbyi ndividuals.W ageandsalaryam ountsshownare be fore thisde duction.
***Est.byORA ;assum esw ageandsalarysuppl.ar ethesame%forDCreside ntwagesasforw agesearnedi nDC.
Source :BEA;datafor Marchw ere releasedJune 27,2013
Single family and condominium home sales

June was another strong month for home sales
Totalvalueofsalesofsinglefamilyandcondo
units:June2011toJune2013
(%changefromprioryearin3mo.and12mo.
movingtotals)
The June 3-month moving total of single family home sales was
up 7.9% from a year earlier, and the average selling price was
12.7% higher.
June condominium sales were 23.3% above a year earlier as
measured by the 3-month moving total; the average selling price
was 3.6% higher.
40
The total value of all home sales in June was 23.8% more than a
year earlier as measured by the 3-month moving total.
20
30
10
Jun13
Mar13
Dec12
Sep12
Jun12
Mar12
10
Sep11
The May ratios of inventory to sales were 1.3 for single family
units and 1.4 condominiums (3-mo. moving average).
Dec11
Jun11
June year-to-date median prices were up 16.1% for single family

units, and up 7.3% for condominiums.
20
12monthmovingtotal(jun@21.4)
3monthmovingtotal(jun@23.8)
Table9.D.C.ResidentialRealEstateIndicators:June2013
Indicator
F Y2009
FY2010
FY 2011
FY2012
12momoving
totalor
3momoving
av erage total oraverage
Thismonth
Num berofsales(settledcontracts)
Singlefamily
1yearchange
%chan ge
3,2 59
2 37
7.8
4 ,084
825
25.3
3,800
284
7.0
3,563
237
6.2
3,8 35
2 49
6.9
1,140
83
7.9
410
24
6.2
Condo
1yearchange
%chan ge
2,5 90
2 06
7.4
2 ,884
294
11.4
2,469
415
1 4.4
2,784
315
12.8
3,2 82
6 05
22.6
1,062
201
23.3
380
64
20.3
Total
1yearchange
%chan ge
5,8 49
31
0.5
6 ,968
1 ,119
19.1
6,269
699
1 0.0
6,347
78
1.2
7,1 17
8 54
13.6
2,202
284
14.8
790
88
12.5
A veragepricesofunitstha tsold
Singlefamily( $)
1yearchange
%chan ge
5 97,2 69
70,0 98
10.5
538 ,395
58 ,874
9.9
601,026
62,631
1 1.6
630,109
29,083
4.8
686,3 82
67,9 95
11.0
736,943
83,194
12.7
794,105
143,896
22.1
Condo( $)
1yearchange
%chan ge
3 59,9 52
52,2 83
12.7
414 ,030
54 ,078
15.0
423,365
9,336
2.3
429,611
6,245
1.5
441,3 90
13,7 88
3.2
457,346
15,818
3.6
471,250
34,900
8.0
2,878.8
290.6
3,3 92.9
5 14.1
3 ,329 .2
63 .7
3,441.1
111.9
4,080.9
718.7
1,325.8
254.6
504.7
115.8
9.2
17.9
1.9
3.4
21.4
23.8
29.8
5.2
5.7
3.4
4.6
3 .3
4 .9
2.3
2.9
1.6
1.9
1.3
1.4
1.3
1.5
Totalvalueofallsales($million)
1yearchange
%chan ge
Ratio:active inve ntorytosale s
Singlefamily
Condo
Mediancontractprices,CY todateinJune2013: singlefamily$592,000(16.1%1yrch);condo$407,500(7.3%1y rch)

Note:Dataareclosedcontractssettledduringeachmonthorotherperiodshown.Becauseaver agepricedependsonthemixofunitssold,
thism easurecanbevolatileonamonthtomonthbasis,anditisnotintendedtomeasurechangesinthevalueofallr esidentialproperty.
Monthlyav erage priceforallsinglefamilyunitsis calculatedby ORA basedonreportedaveragepr icesandnumberofsalesfordifferent
typesofunits.
Source:MetropolitanRegionalInform ationSystems(MRIS);mediancontractpriceandinventor yratiodataaccessedthroughthe
GreaterCapitalAreaAssn.ofRealtors(GCAA R).
Apartments and single family home transactions

Strong sales of million dollar single family
homes in June
FHFAexpandeddatahousingpriceindexfor
DCandtheUS:2004.1to2013.1
(%cha ngefromprioryr.i nthe12mo.movinga vg.)
Sales of single family units at prices above $1 million

were up 37.5% in June from a year ago as measured by the
3-month moving total; they accounted for 19.3% of sales.
25
15
In March the quarterly Federal Housing Finance Agency

house price index for DC was 11.0% higher over a year ago.
For the US, there was a 6.4% rise.
2013.1
2012.2
2011.3
2010.4
2010.1
2009.2
2008.3
2007.4
2007.1
2006.2
2005.3
2004.4
2004.1
5
15
In the March quarter, occupied apartment units rose 2,085

(2.5%) and rents rose 2.5% from a year earlier.
DC(2013.1@10.7)
US(2013.1@4.5)
Table10.D.C.S ing lefamilyandcondom iniumhomesalesatpricesof$1m illion ormore:June2013

Category
FY2009
FY 2010
FY2011
12mo
3m o
moving total moving tota l
F Y2012
Thismonth
Sin glefamilyhomes
1yearchan ge
%chan ge
percen to fallsinglefamilysales
33 3
10 2
23.4
10.2
418
85
25.5
1 0.2
489
71
17 .0
12.9
4 58
31
6.3
12.9
604
150
3 3.0
15 .7
220
60
37 .5
19.3
96
40
71.4
23.4
C on dminiums
1yearchan ge
%chan ge
perc entofallco ndo min iumsales
62
1 5
19.5
2.4
89
27
43.5
3.1
87
2
2 .2
3.5
72
15
17.2
2.6
102
24
3 0.8
3 .1
33
8
32 .0
3.1
10
4
66.7
2.6
Source :MetropolitanRe gionalInform ationSystems(MRI S). Sale sareone sclose d(se ttled)duringpe riodshown.
Table11.FederalHousingFinance AgencyPriceIndexforsinglefam ilyproper tyinDCandUS:March2013

Fiscalyearaverage
Quarter
Indicator
FY2009
F Y2010
F Y2011
FY2012
2012.1
2012.2
2012.3
%changefromprioryearinvalueofindex
DC
7.5
1.4
1.6
8.0
8.1
7.0
US
10.2
2.8
4.8
0.9
0.2
2.9
Adde ndum:%changefromprioryearintheaveragepriceofsettledsalescontractsforsinglefamilyhomes
AverageDCsalesprice
10.5
9.9
11.6
4.8
14.3
5.4
2012.4
2013.1
10.1
3.4
14.9
5.3
11.0
6.4
7.1
18.5
5.8
Source:(1)FederalHousingFinancyAgency"ExpandeddataH PIIndex"(salesplusrefinancings).Thisindexisabroadmeasure
ofthemovementofsinglefamilyhouseprices.Itmeasuresaveragepricechangesinrepeatsalesorrefinancingsonthesameproperties.
Thisinformationisobtainedfromtransactionsw hosemortgageshavebeenpurchasedorsecuritizedbyFannieMaeorF reddieMac
sinceJanuary1975.ItisaugmentedbydataonmortgagesendorsedbyFH AandcountryrecorderdatalicensedfromDataQuickInformation
Systems.(2)AverageDCsalespriceistheaveragepriceofhousesthatsoldduringtheperiod(settledcontracts):seeTable9.Notseas.adj.
Table12.M ark etrateun itsinlargerDCapartmentbuildings:March31,2013

La testQ(Mar ch31, 2013)
Inventory
1yearc hange
%ch ange
87,090
1,663
1.9
87,970
880
1.0
88,710
740
0.8
89 ,464
754
0.8
90,805
1,988
2.2
372
%c h
0.4
Oc cupiedu nits
1yearc hange
%ch ange
81,964
443
0.5
82,965
1,001
1.2
84,125
1,160
1.4
85 ,620
1 ,495
1.8
86,991
2,085
2.5
491
0.6
Vacan tu nits
1yearc hange
%ch ange
%o fin ventory
5,126
1,220
31.2
5.9
5,005
121
2.4
5.7
4,585
420
8.4
5.2
3 ,844
741
16.2
4.3
3,814
97
2.5
4.2
119
3.0
$1,342
0.1
$1,380
2.8
$1,422
3.0
$1 ,481
4.1
$1,490
2.5
$0
0.6
Indica tor
Averageeffec tivemo nthlyrent

%ch angefrom1yea r
Sep.302009 Sep.302010 Sep.302011
Sep.30 2012
a mount
1Qch
Source :Reis.I nclude sunitsincompetitive, privatesectorbuildingsw ith40orm ore units. Excludescondoconver sions.
Commercial office space

Occupied office increased again in the June
quarter, and the vacancy rate fell
Occupi edofficespace:2010.2to2013.2
For the quarter ending June, the vacancy rate for DC commercial office space fell to 9.3%.
(millionsquarefeet)
123.38
124
DCs vacancy rate in June was below the 13.4% rate for the
metropolitan area.
122
Occupied space in the June quarter rose by 1.72 million

square feet (1.4%) from the prior year, reaching a new high.
118
Space under construction in June (2.39 million square feet)

was down from the last quarter and last year.
114
120
116
In the June quarter, average effective rents for class A office

space leases were down 1.3% from 6-months earlier.
Table13.Comm ercialofficespaceinDC:June30,2013
(Inmillionsofsquarefee t,unlessnotedotherwise)
Sep.30
Indicator
2009
Inventory
1yearchange
% change
Sep.30
2010
Sep.30
2011
Sep.30
2012
lastqua rter(June2013)
Level
1Qch
%ch
127.45
131.95
133.50
133.99
136.03
3.86
4.49
1.56
0.48
2.05
0. 45
0.3
0. 81
0.7
3.1
3.5
1.2
0.4
1.5
114.45
119.94
121.89
121.52
123.38
0.99
5.49
1.95
0.36
1.72
% change
0.9
4.8
1.6
0.3
1.4
Leasedspace
116.25
121.35
123.06
122.82
124.42
0. 79
0.6
Underconstruction
1yearchange
5.75
4.85
2.14
3.60
2.42
0.27
2.74
0.33
2.39
0.35
0. 17
6.8
% change
45.8
62.7
12.7
13.5
12.9
% ofinventory
Va cant(nosublet)
4.5
11.20
1. 6
10.60
1.8
10.44
2.0
11.17
1.75
11.61
0. 34
2.9
% ofinventory
Va cant(wsublet)
8.8
13.00
8. 0
12.01
7.8
11.61
8.3
12.46
8.5
12.65
0. 36
2.8
1yearchan ge
%chfromo neyear
4.84
59.4
0.99
7.6
0.39
3.3
0.85
7.3
0.32
2.6
Occupiedspace
1yearchange
DCare avacancyrates (withsublet)

Distr ictofColumbia
10.2
9.1
8.7
9.3
9.3
NorthernVirginia
13.5
13.4
13.5
15.2
15.8
0.3
0. 1
SuburbanMaryland
14.6
14.5
14.2
14.5
14.7
0.1
DCMetropolitanarea
12.6
12.2
12.1
13.1
13.4
0.1
Source :DeltaAssociate s.Include ssingletenantandprivatelyownedspaceaswellasmultitenantbuildings.
T a b le 1 4 . A v e ra ge e ff e c tive of fi ce re n t fo rCl a ss A c om m e rc i a lo ff ic e l e a se s in D o w n tow n

D C by y e a r:2 0 0 9 t o 2 0 1 3 .2
In d ic a to r
A v er a g eeffec tive r en t
% chfr om pr ior y e a r
$ p e rs q ua re fo o to f g ro s sfloo rsp a ce e n d in g o n da t esh o w n :

20 0 9
2 01 0
2 01 1
2 0 12
2 01 3 .2
5 0.8 0
48. 65
4. 2
A v er a g ev a lueo f
im p ro v em en tsfor ten a nt s
48. 54
0 .2
47 .80
1 .5
47 .20
1 .3*
80 .00
85 .00
So u r c e:D e lta A sso c ia tes . R en tis f or fu ll ser vic e (in c lu d in g op e ra tin g e xp en se s a n d ta xes ),l ess
c o n c ess ion s ( fre e ren t, etc .). C la ss A is d ef in ed as b u ild in g s g r ea ter th a n 5 0 ,0 0 0 sq u a r e fee t a n d b u ilt
a fter 1 9 9 7 . * Per c en t ch an ge f ro m D ec em b er 31 , 2 0 1 2 .
Housing permits, office and apartment outlook, and value of property transfers
Office vacancy rate expected to fall slightly over the
next two years as new demand equals new supply
Valueofrealpropertytransfers(including
transfersofeconomicinterest):
May2011toMay2013
For the 12-month period ending May, 4,281

housing unit building permits were issued, an 8.5%
increase over the prior 12-month period.
140
90
Delta Associates expects DCs office vacancy rate

(including sublet) to fall to 9.1% over the next two years.
40
May13
Mar13
Jan13
Sep12
Nov12
Jul12
May12
Mar12
Jan12
Sep11
Nov11
(12monthmovingtotal)
Jul11
60
Hous ingpermitsissuedi nDC:Ma y2010to

Ma y2013
May11
10
5,000
(%changein3monthand12monthmovingtotals)
12monthmovingtotal(may@13.8)
4,281
Reis expects 7,305 new apartment units to be added to

inventory in CY 2013 and CY 2014, and occupancy to grow
by 7,082.
4,000
3,000
2,000
The value of May property transfers was down by 2.8%

from last year as measured by the 3-month moving total.
The 12-month moving total ($10.18 billion) was 13.8%
higher than last year .
1,000
May13
Feb13
Nov12
May12
Aug12
Feb12
Nov11
May11
Aug11
Nov10
Aug10
May10
Feb11
Table15.HousingunitbuildingpermitsissuedinDC:May2013
FY2009
FY2010
FY2011
FY2012
499
191
27.7
986
487
97.6
2,459
1,473
149.4
4,091
1,632
66.4
Totalunits
changefrom1yearago
%changefrom1year
12month
3month
movingtotal movingtotal
4,281
335
8.5
Thismonth
680
68
11.1
777
35
4.3
Source:CensusBureau(permitsissuedduringperiod).
Table16.DeltaAssociatesoutlookforcommercialofficespaceinDCand
thesurroundingmetroarea:June2013toJune2015
Indicator
Total DC%oftotal
DC
NoVA
SubMD
136.0
9.3
189.2
15.8
94.0
14.7
419.3
13.4
32.4
EstimatednetactivitytoJune2015
newsupply(msf)
2.8
4.2
newdemand(msf)
2.8
3.7
1.2
1.3
8.2
7.8
34.1
35.9
14.4
13.3
InventoryJune2013
Inventory(msf)
vacancyrate(%)
EstimatedInventoryJune2015
vacancyrate(%)
9.1
15.7
Source:DeltaAssociatesmsf=millionsquarefeet
Table17DCmarketrateapartmentunits:2008to2017
CY
2 008
2 009
2 010
2 011
2 012
2 013est
2 014est
2 015est
2 016est
2 017est
Inventory
8 6,583
8 7,788
8 8,360
8 8,817
9 0,433
9 2,995
9 7,738
9 9,312
10 0,674
10 2,107
1yrch %vacant
1,965
4.8
1,205
6.1
572
5.5
457
4.7
1,616
4.3
2,562
3.7
4,743
4.3
1,574
4.3
1,362
4.3
1,433
4.4
Occupied
82,465
82,415
83,477
84,632
86,500
89,514
93,582
95,087
96,374
97,649
1yrch
1 ,181
50
1 ,062
1 ,155
1 ,868
3 ,014
4 ,068
1 ,505
1 ,287
1 ,275
Source:Reis,March2013.(seenoteintable12)
Table18.M ark etValueofR ealPropertytransferssu bjecttotheDeedTransferorE conomicInteresttax:

May2013
Allpropertytra nsfers($million)
changefromoneyearago($M)
%chan gefrom1yearag o
FY2009
FY 2010
FY 2011
FY 2012
5,591.2
5,936.1
51.5
7,789.1
2,197.9
39.3
10,059.5
2,270.4
29.1
9,494.3
565.3
5.6
12month
3m onth
movingtotal moving tota l
10,180.5
1,235.7
13.8
2,101.8
61.2
2.8
Thismonth
710.9
4.6
0.6
Note:r epr ese ntsvalue ofpr opertyoreconomicinte resttransfe rredasofdate de ednotedbytheRe corderofD ee ds.
Source :OCFO/ Re corderofDee dsandOCF O/ORA(calculate dfromtaxcollectionsanddepositsadjustedfortaxratechange s).
Hospitality
Hotel revenues continue to rise
In May the 3-month moving total for hotel room-days sold
was 2.1% more than a year earlier. The average room rate
rose 1.5%, leading to an 3.6% gain in room revenue.
Hotel roomsalesrevenue:Ma y2011toMa y2013

(percentchangein3monthand12monthmoving
averagefromsameperiodofprioryear)
20
Employment in food services was 3.1% more in May than

a year earlier as measured by the 3-month moving
average. Hotel employment fell 1.1%, and retail lost 3.6%.
15
April airline traffic into the DC area was down 0.7% from
a year earlier as measured by the 3-month moving total.
Reagan National Airport gained 7.6%.
10
5
May13
Mar13
Jan13
Nov12
Sep12
Jul12
May12
Mar12
Jan12
Nov11
Sep11
Jul11
May11
5
10
3mo.movingaverage(may@3.6)
12mo.movingaverage(may@2.4)
Tab le1 9.H os pitality Indu stry:M ay 2 0 13
I nd icato r
FY 20 1 1
U n its
d ate
('M )
1y rc h
1y r% ch
m ay
7. 370
0. 248
3 .5
7.465
0.095
1 .3
7.618
0.153
2 .0
7.658
0.073
1.0
2.1 88
0.0 45
2.1
0 .716
0 .002
0.3
A v era g er oom ra t e
$
1y rc h
1y r% ch
m ay
199. 12
4. 05
2 .0
206. 60
7. 49
3 .8
203.61
2.99
1 .4
208 .02
2 .93
1.4
231.85
3.49
1.5
22 4.90
6.84
3.0
O cc upa nc y ra te
(av e rag e)
%
1y rc h
1y r% ch
m ay
73 .8
0 .7
0 .9
74 .2
0 .5
0 .6
75 .4
1 .2
1 .6
7 5.9
0.9
1.2
85.6
1.5
1.8
83.1
0.5
0.6
R oo m r evenu e
($M )
1y rc h
1y r% ch
m ay
1 ,467 .5
20 .5
1 .4
1 ,542 .3
74 .8
5 .1
1 ,551 .0
8 .7
0 .6
159 3.0
3 7.4
2.4
507.4
17.9
3.6
1 61.1
5.4
3.2
1y r% ch
1y r% ch
1y r% ch
1y r% ch
ap r
ap r
ap r
ap r
0 .5
1 .2
4 .6
2 .1
6 .2
0 .6
4 .2
3 .4
2 .8
2 .9
1 .0
0 .1
6.5
4.7
0.0
0.2
7.6
6.3
2.4
0.7
5.5
6.4
4.6
2.2
m ay
94 .4
2 .8
3 .1
98 .0
3 .6
3 .9
93 .5
4 .5
4 .6
10 1.4
7.3
7.7
28.5
10.2
55.5
10.7
8.0
291.6
lev el(' 000)

1y rc h
1y r% ch
m ay
15 .3
0 .3
2 .0
15 .3
0 .0
0 .1
15 .5
0 .2
1 .1
1 5.5
0.0
0.1
15.5
0.2
1.1
15.8
0.3
1.9
F ood a nd bev
lev el(' 000)

1y rc h
1y r% ch
m ay
37 .0
1 .2
3 .3
39 .3
2 .3
6 .2
42 .7
3 .3
8 .5
4 3.4
1.7
4.0
44.7
1.3
3.1
45.8
1.6
3.6
A rt sa nd enter ta in .
lev el(' 000)

1y rc h
m ay
7 .0
0 .1
6 .8
0 .2
6 .9
0 .1
7.0
0.2
6.9
0.4
7.2
0.5
1 .5
2 .5
1 .5
2.7
5.5
6.5
18 .3
0 .5
3 .0
18 .6
0 .2
1 .3
18 .8
0 .3
1 .4
1 8.4
0.3
1.4
18.0
0.7
3.6
18.0
0.9
4.8
H ot el stay s
H otel r oom da ys so ld
A ir lin ep asseng er s
DC A
IAD
BWI
Tot a l
C on ve nti on Ce nte r Tran sfer

$M
1y rc h
1y r% ch
Em ploy m en t
A cc om m o dati ons
1y r% ch
R eta il
lev el(' 000)

1y rc h
1y r% ch
m ay
FY 20 1 0
FY 20 1 2
3mo n th
1 2m oto tal mo ving tota l
o rave rag e* o rave rag e* Th ism on th
* To talfo rh otelr oo m ss o ld, roo m rev enu e, an dC o nve ntio n Ce nte rtran s fe r
So u rce :Sm ith T rave lR ese arc h (ho teld ata );B LS(e m p loym e nt);A irpo rta uth o rities (a irlin ep as se ng ers );
O C FO / O TR (Co n ven tion Ce nte rTra n sfer).
10
US economy
Economic growth picked up in the March quarter
Qua rterlycha ngei nUSRealandNominalGDP:

2010.1to2013.1
March was the 15th consecutive quarter of real GDP growth. The
1.8% annual rate of growth for the quarter was below average for
the post-recession recovery.
(%changefromthepreviousquarteratannualrates)
7
6
US employment (seas. adj.) increased by 195,000 in June.
The US unemployment rate (seasonally adj.) stayed at 7.6% in

June.
4
2
1
2013.1
2012.4
2012.3
2012.2
2012.1
2011.4
2011.3
Inflation picked up in June. The June CPI was 1.8% above a year
earlier (sa).
2011.2
2011.1
2010.4
2010.3
2010.2
2010.1
In June the S & P 500 index fell 1.3% from May, but was 22.3%
above last year.
Real(2013.1@1.8)
Nominal(2013.1@3.1)
Table20.USGDP,income,corporateprofits,andinflation:2013.1andMay2013
(percentchangefromsameperiodofprioryearunlessnoted)
Indicator
Dateoflatestindicator
FY2008
FY2009
FY2010
FY2011
FY2012
12moavg
2013.1
May2013
USGDPreal
USGDPnominal
2013.1
2013.1
1yr%ch
1yr%ch
1.1
3.4
3.9
2.6
1.8
2.8
1.9
4.0
2.3
4.2
2.0
3.8
1.8
3.4
USPersonalincome
USwages
2013.1
2013.1
1yr%ch
1yr%ch
5.6
3.4
3.4
3.5
1.5
0.4
5.4
4.0
3.3
3.1
3.7
3.7
2.8
3.2
Corporateprofits
SandPstockindex
2013.1
may
1yr%ch
1yr%ch
11.2
5.7
12.2
34.3
35.9
23.7
9.1
13.8
8.4
5.4
na
13.7
na
15.7
22.3
may
may
1yr%ch
1yr%ch
4.4
5.0
0.3
0.3
1.7
1.7
2.7
3.0
2.4
2.4
1.7
1.8
1.7
na
1.4
1.2
USCPI
Balt//Wash.areaCPI
Source:BEA(datarevisedasofMay30,2013),BLS,andYahoofinance.na=notavailable
Personalincomeandwagedatamaydifferfromamountsshownintable8duetodifferencesinBEAsourcetables.
Table 21.Qu arterto q uarter chan gein US G D Pan d in com e:2011.3to 201 3.1
(p erc en tch ange fr om pr evio u squ art eratse ason allya dju sted ann u alr ates)
Indicator
units
201 1.3
calenda rye arquarter

2 011.4
20 12.1
2012 .2
2 012.3
2 012.4
2 013.1
USGD Pre al
USGD Pn om in al
% c hfro m p riorQ a tsaar

1 .3
4 .3
4.1
4.2
2.0
4.2
1.3
2.8
3. 1
5. 9
0 .4
1 .3
1.8
3.1
W age sa nd salaries
P erso n alin com e

1 .3
1 .2
0.9
1.3
8.0
6.4
1.4
3.0
2. 3
2. 4
10 .0
10 .7
1.0
4.7
Note:GDP=Gross Dom es ticProductsaar= se asonallyadjuste datannualrate Source :BE A ,updatedonJune26,20 13
Table 22.M on th ly s ele cte dUSIndicators :De ce m be r2 012to June 2013

D ec
Jan
Feb
M ar
Apr
M ay
June
S an dP stoc k ind ex(l evel )

% chan gefr ompr ior m on th
%ch ang e fro m 1y earago
I ndicator
1422
2.0
14.4
1480
4.1
13.8
1512
2.2
11.8
15 51
2 .5
11 .6
157 1
1 .3
13 .3
164 0
4.4
22.3
1619
1.3
22.3
1 0y r.Treasu ry Interest rate (lev el)
1.71
1.89
1.97
1.95
1.7 3
1.9 2
2.29
C PI % chf ro mpriormo nt h(season all ya dj usted)

C PI% ch fro mprio ryear (seasona lly ad just ed)
0.03
1.76
0.03
1.76
0.68
1.98
0.18
1.48
0.3 7
1.1 1
0.1 5
1.3 9
0.48
1.76
J obs (seaso nall y ad just edl evel , inm illi ons)

ch an ge fro mp rio r mont h( tho usands)
134.69
219
0.16
134.84
148
0.1 1
135.17
332
0.2 5
135.31
1 42
0.11
1 35.5 1
19 9
0.15
1 35.7 1
19 5
0.14
13 5.90
195
0.14
R esid ent emplo ymen t( seaso n.adj.l evel ,i nmi l.)

ch an ge fro mp rio r mont h( tho usands)
143.31
28
0.02
143.32
17
0.0 1
1 43.4 9
170
0.1 2
14 3.29
2 06
0.06
143.58
29 3
0.20
143.90
31 9
0.22
144.06
160
0.11
7.8
7.9
7.7
7 .6
7 .5
7.6
7.6
U nemp loy ment rate(season ally adj.)

So urce: BLSan dY aho o!F ina nce .
11
DC tax collections
Tota l DCta xcollections(beforeearmarking):
Ma y2008toMa y2013
Cha ngefromprioryeari ntotaltaxescollectedi n

thepreceeding12months(beforeearmarking):
Ma y2011toMa y2013
(12monthmovingtotalin$million)
6,500
($million)
800
6,000
600
5,500
May13
Nov12
Aug12
May12
Nov11
Aug11
May11
sept2008(peakbeforerecession'simpact)@5,342may@
6,071
Feb13
Feb12
May13
Nov12
May12
Nov11
May11
Nov10
May10
Nov09
200
May09
4,500
Nov08
400
May08
5,000
may@490
Table23.T ax Collections(be foree arma rking ):M ay2013(Pre liminary)

($m illion)
Ta x
1 2 m onth
3month
moving total m oving tota l This month
FY2 00 9
FY2 0 10
F Y2 01 1
F Y2 01 2
To tal taxes
1y ear change
% chan ge
5,03 2.8
30 9.5
5.8
5,015.4
17.4
0.3
5,326.3
311.0
6 .2
5,80 6.1
47 9.8
9.0
6,07 1.1
48 9.7
8.8
2,074.6
86.8
4 .4
336.1
89.3
21.0
R ealp ro pert y
1y ear change
% chan ge
1,81 8.8
13 4.0
8.0
1,834.8
15.9
0.9
1,707.0
127.8
7 .0
1,81 6.4
10 9.5
6.4
1,85 5.7
8 7.8
5.0
949.7
30.0
3.3
2.4
34.8
93.7
G eneralsales
1y ear change
% chan ge
96 3.5
4 8.1
4.8
965.3
1.8
0.2
1,017.0
51.7
5 .4
1,08 4.6
6 7.6
6.6
1,12 0.2
5 4.8
5.1
286.1
4.4
1 .5
108.6
17.1
18.7
Ind ivi dual inc ome

1y ear change
% chan ge
1,12 7.2
22 6.0
16.7
1,107.1
20.1
1.8
1,297.0
189.9
17 .2
1,47 9.0
18 2.0
1 4.0
1,63 6.4
22 7.9
16.2
447.3
44.7
11 .1
123.1
58.7
32.3
wi thho ldi ng
1y ear change
% chan ge
1,02 1.2
1 7.0
1.7
1,070.6
49.4
4.8
1,189.9
119.3
11 .1
1,31 1.9
12 2.0
1 0.3
1,37 9.6
10 8.9
8.6
359.7
16.9
4 .9
120.3
1.0
0.9
no nwi thh oldi ng

1y ear change
% chan ge
10 6.0
24 3.0
69.6
36.5
69.5
65.6
107.1
70.6
193 .3
16 7.1
6 0.0
5 6.0
25 6.9
11 9.0
86.3
87.6
27.8
46 .4
2.8
57.7
95.3
C or porate inco me
1y ear change
%ch ange
22 0.7
6 9.2
23.9
207.9
12.8
5.8
225.8
17.9
8 .6
31 1.2
8 5.4
3 7.8
32 5.3
5 6.7
21.1
111.2
4.1
3 .8
4.9
5.0
50.9
U nin corpo rated B us.

1y ear change
% chan ge
12 2.4
6.5
5.0
120.7
1.7
1.4
141.5
20.9
17 .3
15 9.3
1 7.7
1 2.5
15 8.1
6.5
4.0
67.8
0.6
0 .9
5.9
22.1
79.0
D eedt ax es*
1y ear change
% chan ge
18 7.4
13 5.8
42.0
225.6
38.2
20.4
314.1
88.5
39 .2
31 2.5
1.6
0.5
35 0.5
6 7.2
23.7
79.9
23.7
42 .2
30.4
4.4
17.1
O t her taxes
1y ear change
% chan ge
59 2.8
4 2.1
7.6
554.0
38.8
6.5
623.9
70.0
12 .6
64 3.2
1 9.2
3.1
62 4.8
1.9
0.3
132.5
20.7
13 .5
61.0
9.8
19.1
* De ed taxes in clu d ed eed reco rda tio n,d ee dtra n sfer, an de co n omicin tere stta xes on rea lpr op ertytra ns a ctio n s.
No te:(1 ) Inclu de sp ub licsp a ce ren tal(in oth erta xes ). (2)De ed taxco llection sw illva ryfromp a ymen tsto Reco rde rofD eed s
(g rap he do n the ne xtp a ge )d ue top ro cess ing a nd timin ge ffects .
(3 )D ata s ub jectto accou n ting ad ju stme nts .
(4 )T his ta ble an dth eg ra ph so n th en extp ag ein clud ea d jus tmen tsto th etimin ga n dco ns iste ncyo fco llection re po rting
in ten de dto ma keco mpa ris on sw ithp rio ryea rp erio ds mo remea n ing ful. Th ed ata ma ythe refore vary fro mo the rOCF Orep orts .
So u rce :OCFO/ ORA
12
DC tax collections
Growth has moderated in the sales tax and the
withholding portion of the individual income tax
DCTa xCol l ections(beforeearmarking):
Ma y2011toMa y2013
For the 12-month period ending May tax collections (before

earmarking) were $489.7million (8.8%) more than a year
earlier. The individual income tax accounts for 47% of the
increase.
30
Sales and withholding gains slowed from prior months.
20
In May the 3-month moving total for sales taxes was 1.5%
above last year and withholding was 4.9% higher.
10
Deed tax payments to the DC Recorder of Deeds for
May13
Mar13
Jan13
Nov12
Sep12
Jul12
May12
Mar12
Jan12
Nov11
Sep11
10
Jul11
May11
transfers, recordation, and economic interest were up 14.0%

from the prior year for the 3 months ending May. For the
last 12-month period, the payments were up 20.4%. (See
note 2 on Table 23.)
Wi thholdingcollections:Ma y2011toMa y2013
Salestaxcollections:May2011toMay2013
(%changefromprioryearin3monthand12month
movingtotals)
(%changefromprioryearin3monthand12month
movingtotals)
30
20
15
20
10
10
5
May13
Mar13
Jan13
Nov12
Sep12
Jul12
May12
Mar12
Jan12
Nov11
Sep11
Jul11
10
May11
May13
Mar13
Jan13
Nov12
Sep12
Jul12
May12
Mar12
Jan12
Nov11
Sep11
Jul11
May11
20
PaymentstoDCRecorderofDeedsforrecordation,
transfer,andeconomicinteresttaxes:
May2011toMay2013
CollectionsfortheGeneralSalestaxandIndividual
Incometaxwithholding:May2012toMay2013
(%changein3monthmovingtotals)
20
10
Note:sourceisRecorderofDeeds,notTable23.
13
May13
Mar13
Jan13
Nov12
Sep12
Jul12
May12
Mar12
Jan12
Nov11
Sep11
sales (may @ 1.5)
Jul11
May-13
Apr-13
Feb-13
Mar-13
withholding (may @ 4.9)
Jan-13
Dec-12
Nov-12
Sep-12
Oct-12
Aug-12
Jul-12
20
Jun-12
10
May-12
May11
140
120
100
80
60
40
20
0
20
40
60
30
US economic forecasts
The July Blue Chip Indicators reduced its outlook for FY 2013
The July Blue Chip Indicators reduced its FY 2013 forecast for real GDP growth to 1.6%, but kept its FY 2014 forecast at
2.5%. Since FY 2000, GDP growth has exceeded 2.5% in only 3 years: FY 2004, 2005, and 2006.
The July Blue Chip Indicators forecast for inflation (CPI): 1.6% in FY 2013 and 1.7% in FY 2014.
S and P 500: The range of June forecasts for the last quarter of 2013 compared to the last quarter of 2012: -1.0 to 14.4%.
Table24.ForecastsforUSnominalandrealGDP:
FY2012throughFY2014(% changefrompriorfiscalyear)
real
Forecastanddate
2012
BlueChip
April
May
June
July
(%changefromtheprioryear;July2013estimate)
nominal
2013
CongressionalBudgetOffice
January2012
2.1
August
2.0
February2013
2.3
Bl ueChipIndicatorsestimateofUSNominala nd
Rea lGDP:FY2007toFY2014
2014
2012
2013
2.1
3.7
3.9
4.2
2.6
2.0
3.1
1.2
0.4
1.5
2014
6
4
2
3.8
0
2007 2008 2009 2010 2011 2012 2013 2014
est
est
1.9
1.8
1.8
1.6
2.3
2.3
2.3
2.3
2.5
2.5
2.5
2.5
4.2
4.2
4.2
4.2
3.6
3.4
3.4
3.2
4.5
4.3
4.3
4.2
4
6
Real(2014@2.5)
Nominal(2014@4.3)
Sources:BlueChipIndicatorsandtheCongressionalBudgetOffice.
Table25. ForecastsforSandP500:2012.4to2014.4
SandP500stockindex actualandalternative
forecasts:2006.4to2014.4
(Juneforecasts;valueofindex)
(%changefrompriorfiscalyear)
1682
1700
1511
1300
1100
March
April
May
June
15.7
15.7
15.7
15.7
900
9.1
12.8
13.8
14.4
3.9
3.7
3.7
3.6
Economy.combaseline
March
April
May
June
2014.2
2013.3
2012.4
2012.1
2011.2
2010.3
2009.4
2009.1
2008.2
2007.3
2006.4
700
%changefromprioryear
2012.4
GlobalInsight:baseline
1515
1500
Forecast %changefromprioryear
date
2012.4 2013.4 2014.4
Actual
15.7
15.7
15.7
15.7
10.8
11.4
11.2
12.9
1.8
2.2
2.5
2.4
2013.4
2014.4
GlobalInsight:pessimistic
15.7
15.7
15.7
15.7
6.2
3.0
2.2
1.0
Economy.compessimistic
15.7
15.7
15.7
15.7
3.6
4.2
7.8
9.5
Source:IHSGlobalInsightandMoody'sEconomy.com.
Table26.BlueChipforecastsforCPIand10yearTreasuryinterest
rate:FY2012toFY2014
(%changefrompriorfiscalyear)
Forecast
date
Apr
May
Jun
Jul
CPI
2012
2.5
2.5
2.5
2.5
2013
1.9
1.7
1.7
1.6
10yrTreasuryrate
2014
2.1
1.9
1.8
1.7
2012
1.9
1.9
1.9
1.9
2013
2.0
1.9
1.9
2.0
2014
2.5
2.4
2.4
2.7
Source:BlueChipIndicators
14
8.6
8.5
8.4
7.6
0.1
0.3
1.4
1.2
DC economic forecasts
June forecasts for DC by Global Insight and Economy.com lowered wage earnings
The biggest change in June is the reduction by Global Insight in its estimate of both wages earned in DC and
wages earned by DC residents FY 2013. Economy.com has more modest reductions in those items. Both, however, raised their estimates for wage and salary employment in DC in FY 2013.
Employment: The range of change in wage and salary employment for FY 2013 is 4,625 to 5,929; and for FY
2014: 668 to 8,681.
Unemployment: . The unemployment rate forecast range for FY 2013 is from 8.5% to 8.6%. For FY 2014 the
range is 8.3% to 9.9%.
Wages earned in DC: The range in growth from the prior year: -0.9% to 1.7% in FY 2013, picking up to 2.2% to
4.7% in FY 2014.
Wages earned by DC residents: The range in growth from the prior year: -5.8% to 1.2% in FY 2013, and 2.4% to
3.7% in FY 2014. Both forecasts anticipate that the growth in resident wages in FY 2013 and FY 2014 will be
lower than those for growth in wages earned in DC, a reversal of recent trends.
Table27.JobsinDC:forecastsforFY2012toFY2014
(amountofchangefromprioryear)
Dateof
estimate
Mar
Apr
May
Jun
2012
2013
12,467
6,659
6,659
6,659
2014
3,141
5,211
5,563
5,929
2012
9,523
8,683
8,382
8,681
2013
12,467
6,658
6,658
6,658
Economy.com:baseline
2014
1,936
4,443
5,083
5,671
2012
5,146
5,137
5,144
5,974
2013
6,658
6,658
6,658
6,658
Economy.com:pessimistic
2014
5,139
4,530
4,588
4,887
2012
5,393
5,105
4,718
4,663
2013
6,658
6,658
6,658
6,658
2014
4,160
3,566
4,361
4,625
151
509
245
668
Table28.UnemploymentrateinDCFY2012toFY2014
Dateof
estimate
Mar
Apr
May
Jun
2012
2013
2014
9.3
9.3
9.3
9.3
8.6
8.6
8.5
8.5
GlobalInsight:pesssimistic
2013
2014
2012
8.5
8.5
8.4
8.4
9.3
9.3
9.3
9.3
8.7
8.7
8.6
8.6
2012
2013
2014
9.2
9.0
8.9
8.8
9.3
9.3
9.3
9.3
8.5
8.5
8.4
8.5
2012
2013
2014
8.4
8.3
8.3
8.3
9.3
9.3
9.3
9.3
8.8
8.7
8.5
8.6
9.9
9.8
9.9
9.9
Table29.WagesearnedinDCFY2012toFY2014
(percentchangefromprioryear)
Dateof
estimate
Mar
Apr
May
Jun
2012
2013
2014
1.8
2.1
2.1
2.1
1.4
1.0
0.3
0.8
2012
2013
2014
4.5
4.4
4.8
3.5
1.8
2.1
2.1
2.1
1.0
0.7
0.1
0.9
2012
2013
2014
2.9
2.9
3.3
2.2
1.8
2.1
2.1
2.1
2.2
2.3
2.1
1.7
2012
2013
2014
5.6
5.6
5.5
4.7
1.8
2.1
2.1
2.1
1.9
2.0
2.0
1.6
4.0
3.9
4.0
3.2
Table30.DCresidentwagesFY2012toFY2014
(percentchangefromprioryear)
Dateof
estimate
Mar
Apr
2012
2013
2014
2013
2014
2012
2.9
3.2
0.6
1.6
4.3
3.9
2.9
3.2
1.4
2.1
May
3.2
3.0
4.8
3.2
Jun
3.2
5.5
0.5
3.2
2012
2013
2014
2012
2013
2014
0.3
0.4
2.9
3.2
1.8
1.8
4.4
4.4
2.9
3.2
1.6
1.6
3.2
3.2
3.4
1.5
3.2
1.5
4.2
3.2
1.5
3.2
5.8
2.4
3.2
1.2
3.7
3.2
1.2
2.6
Note:EstimatedbyORA;assumeswageandsalarysupplementsarethesame%forDCresidentwagesasforwagesearnedinDC.
15
DC revenue estimate
The June revenue estimate adds to revenue growth in FY 2013 and FY 2014
Anticipated tax revenue growth of $187.4 million in FY 2013 and $159.2 million in FY 2014 (gains of 3.2% and 2.6%,
respectively) are significantly lower than that which occurred in FY 2012 ($537 and 10.1%). This reflects one-time
increases in FY 2012, slowing employment growth in DC, and allowances for the impact of a sequester or other cutbacks in
federal spending.
The individual income tax accounts for about 70% of growth in FY 2013, and real property accounts for 49% of the growth
in FY 2014.
As a share of DC Personal Income, tax collections in FY 2013 through FY 2015 are about the same as in FY 2012.
Table31.DCTaxRevenue(beforeearmarks)forFY2012throughFY2014:June2013revenueestimate
Tax
FYlevel($million)
Changefromprioryear($M)
%changefromprioryear
2012
Realproperty
Deedtaxes
Generalsales
2013
2014
2012
2013
2014
2012
2013
2014
1,822.0
1,889.8
1,967.5
106.9
67.8
77.7
6.2
3.7
4.1
306.6
305.4
317.1
4.5
1.3
11.7
1.5
0.4
3.8
1,111.0
1,155.5
1,190.1
96.1
44.4
34.7
9.5
4.0
3.0
Individualincome
1,490.7
1,621.6
1,642.1
194.1
130.9
20.5
15.0
8.8
1.3
Withholding
1,321.6
1,412.6
1,434.6
129.5
91.0
22.0
10.9
6.9
1.6
nonwithholding
169.1
209.0
207.4
64.6
39.9
1.5
61.9
23.6
0.7
Businessincome
465.9
469.7
476.6
106.2
3.8
6.8
29.5
0.8
1.5
Other
665.5
607.2
615.0
37.7
58.3
7.8
6.0
8.8
1.3
5,861.8
6,049.2
6,208.4
536.5
187.4
159.2
10.1
3.2
2.6
Total
Source:ORA.June24,2013revenueestimateunderexistinglegislation.Thetableincludestaxrevenueonly,beforeallearmarks,andexcludesall
nontaxrevenues,lottery,and"Otyoe"earmarkedrevenues.FY2012isfromtheFY2012CAFR
Table33. DCIncomeandstockmarketassumptions:
FY2012toFY2014(%changefromprioryear)
Table32.DClabormarketassumptions:FY2012toFY2014
item
Wageandsalary
employment
1yearchange
%change
DCresident
employment
1yearchange
%change
2012
2013
2014
730,025
6,658
0.9
734,531
4,506
0.6
733,901
631
0.1
323,512
11,396
3.7
340,451
16,940
5.2
341,156
705
0.2
9.3
8.6
9.5
Unemploymentrate
Source:ORAJune2013revenueestimate
item
Wagesandsalariesearnedin
DC
2012
2013
2014
2.1
0.0
1.4
Wagesandsalariesearned
byDCresidents
3.2
4.7
1.7
DCPersonalincome
3.8
4.2
2.3
15.7
2.8
4.7
SandP500stockindex
Source:ORAJune2013revenue estimate.Stockindex,onacalendar year

basis,representsthe%changefromtheDecemberquarteroftheprioryear.
Table34.DCtaxrevenue(beforeearmarks)andDCPersonalIncome:FY2006to FY2015
item
2006
20 07
2008
2009
2010
201 1
2 012
2013est
2014est
2 015est
Taxrevenue($million)
Level
Changefromprioryear
Percentchangefromprio ryear
Taxrevenue
PersonalIncome
Taxrevenueaspercentof
PersonalInco me
4,51 6
26 7
5,155
638
5,325
170
5,052
273
5,005
47
5,3 25
3 20
5,862
537
6,049
187
6,208
159
6,3 82
1 74
6.3
8.2
14.1
8.1
3.3
9.6
5.1
0.4
0.9
4.1
6.4
6.8
10.1
3.8
3.2
4.2
2.6
2.3
2.8
3.3
1 3.3
14.0
13.2
12.5
1 1.9
11.8
12.5
12.4
12.5
12.4
Source:ORA.June2013r evenueestimateunderexistinglegislation.Thetableincludestaxrevenueonly,beforeallearmarks,andexcludesall
nontaxr evenues,lottery,and"Otype"earmarkedrevenues.
16
Continued from p.1
Falling reported DC employment, continued from p.1

to be particularly susceptible to revision because it is related in part to the Districts population. Recent gains
in DCs population may not yet have been fully factored into BLS estimates for this year.
In developing a fuller picture of current conditions in the Districts economy, it should be noted that there are
other measures than the recent BLS employment data that do not suggest the same degree of slowing. For example, occupied commercial office space has grown each of the past 3 quarters, and was 1.5% higher in June
2013 than it was in September 2012. Also, tax collections for withholding for the individual income tax and the
general sales taxthe two sources of collections most directly connected to the current level of economic activity in the Districthave been increasing throughout the fiscal year.
Although it is too early to draw definite conclusions about the current direction of the Districts economy, the
recent BLS employment data underscore the importance of paying close attention to two key areas in making
such assessments: (1) the strength of private sector employment growth, and (2) labor force dynamics involving
the interaction of population changes, the labor force, and the unemployment rate.
Private sector employment. Employment in the federal government, which currently accounts for about
28% of all DC jobs, has been falling for two years, declining by 10,700 jobs (5%) between May 2011 and May
2013. Accordingly, with a pick-up in federal employment unlikely in the near future, the question of whether
total DC employment rises or falls depends on the strength of the private sector. For much of the past two
years private sector employment increases more than offset federal declines. Over the past 7 months, however,
this has no longer been the case. From October 2012 to May 2013 the private sector gain of 2,200 (mostly in
technical services and food services) was unable to offset the decrease of 4,300 federal jobs.
WageandsalaryemploymentinDCbysector:May2012toMay2013
(seasonallyadjusted)
AlljobslocatedinDC
May12
730,100
Jun12
730,700
Jul12
727,500
Aug12
728,500
Sep12
734,100
Oct12
736,400
Nov12
733,400
Dec12
733,000
Jan13
734,700
Feb13
733,600
Mar13
734,300
Apr13
733,100
May13
733,800
Federalgovernment
Privatesector
208,600
486,900
208,100
487,900
208,400
486,400
208,400
488,600
208,200
491,600
207,300
494,300
206,800
491,700
206,300
491,700
206,400
493,200
206,100
492,300
205,500
494,100
204,900
494,200
203,000
496,500
Source:USBureauofLaborStatistics,May2013
Labor force dynamics. As noted earlier, resident employment grew by 31,355 between July 2011 and March
2013. Of the increase, about 20% is attributable to a fall in the unemployment rate (from 10.3% to 8.5%). The
remainder of the employment growth reflects a 7% increase in the Districts labor force.
One of the surprising things about the decline in resident employment in the past 2 months is that it is attributable entirely to a drop in the labor force. The fall of almost 1,000 in the labor force was great enough to offset
the modest boost to employment that otherwise would have been associated with the small decline in the unemployment rate (from 8.6% to 8.5%). The decline in the labor force could reflect the impact of persons unable
to find work leaving the labor forceso called discouraged workers. Over the longer term, however, sustained
increases in the working age population can be expected to result in an increase in the labor force, which in
turn would lead to higher resident employment if the unemployment rate doesnt rise. (Gains would be greater,
of course, if the unemployment rate also falls at the same time.)
It should be noted that an increase in resident employment does not necessarily require a net increase in wage
and salary employment located in the District of Columbia. District residents can take jobs now held by commuters as those commuters retire or move, and District residents can also work in jobs outside of DC.
Stephen Swaim, Office of Revenue Analysis
DClaborforce,unemploymentrate,andresidentemployment:May2012toMay2013
(seasonallyadjusted)
Laborforce
May12
359,301
Jun12
360,713
Jul12
362,211
Aug12
363,923
Sep12
365,952
Oct12
367,771
Nov12
369,320
Dec12
370,717
Jan13
372,240
Feb13
373,130
Mar13
373,138
Apr13
372,468
May13
372,142
Unemloymentrate(%)
Residentemployment
9.1
326,547
9.1
327,919
9.0
329,503
8.9
331,461
8.8
333,841
8.6
336,010
8.5
337,835
8.4
339,422
8.6
340,227
8.6
340,941
8.6
341,229
8.5
340,933
8.5
340,564
Source:USBureauofLaborStatistics,May2013
17
ORA Reports and Documents

From time to time the Office of Revenue Analysis prepares revenue estimates, fiscal impact statements on pending legislation, reports, and other documents on subjects related to DC s economy and taxes. These documents are posted on the
OCFO web site (www.cfo.dc.gov) under subcategories of Reports and Publications and Budget and Revenue.
Recent ORA reports:

Revised Revenue estimates for FY 2013 to FY 2017, June 24, 2013. Quarterly revenue estimate shows differences from the
prior estimate, describes economic assumptions and changes in each tax, and contains details of each tax and of key economic variables.
Briefing documents. A new series with information related to DCs economy and taxes.
DC Tax Facts, 2012. Details on all DC taxes.
Tax Rates and Tax Burdens 2011 Nationwide. This annual publication compares DC tax rates and estimated DC tax burdens for
households of different income levels with the rates and burdens of state and local taxes in the principal cities in all 50 states.
Tax Rates and Tax Burdens 2011 Washington Metropolitan Area. This annual publication compares DC tax rates and estimated DC tax burdens for households of different income levels with the rates and burdens of the surrounding jurisdictions in the
DC metropolitan area.
About this report.
District of Columbia Economic and Revenue Trends is generally issued about the third week every month. Employment and most other DC information reported on a monthly basis is from one or two months prior to the Trends
date (the July report has mostly April and May data). Lags can be greater with quarterly data such as Personal
Income and commercial real estate. Data in the tables are believed to be reliable, but original sources are definitive.
All data are subject to revision by the information source. The Trends report is available at the DC Chief Financial Officer web-site: www.cfo.dc.gov (click on Budget and Revenue/Economy/ Economic and Revenue Trends).
Table35.Info rmationsour ces

Indicator
Sour ce
Periodcoveredinthisreport
Nextr elease
D.C.Jobsa ndLaborForceinfor mation
BLS
Ma y
19Jul
D.C.PersonalIncome
BEA
2013.1
September30
D.C.TaxCollections
OTR/ORA
Ma y
July15
D.C.HousingSa les
D.C.Comm ercialOfficeBuilding da ta
MRIS*
DeltaAssociates
June
2013.2
cAugust10
cOctober1
DCApartm entdata
Reis,inc
2013.1
cJuly31
D.C.Hotelstayinfor mation
SmithTravelResearch
Ma y
c.July30
ConsumerPriceIndex
BLS
June
Aug ust15
U.S .JobsandLaborF or ce
BLS
Ma yandJune
Aug ust2
U.S .GDPandPersona lIncome
BEA
2013.1
July31
S andP500StockIndex
Financialpress
June
Aug ust1
Interestrateon10Y ea rTreasurySecurities
Financialpress
June
Aug ust1
IHS GlobalInsightD.C.forecast
Gl obalInsight
June
c.July24
Moody'sEconom y.comD.C.for ecast
Econom y.com
June
c.July24
BlueChipEconom icIndica torsfor theU.S.
AspenPublishers
July
Aug ust10
*Me tropolitanRegionalInformationSystems;listingsandcontractdataaccesse dthroughthe Gre ate rCapitalA reaAssociationofRealtors.
For further information or to comment on this report, contact: Stephen Swaim (202-727-7775) or
stephen.swaim@dc.gov See also the Economic Indicators issued monthly by the D.C. Office of the Chief Financial Officer (www.cfo.dc.gov).
District of Columbia Economic and Revenue Trends is prepared by the Office of Revenue Analysis, which is
part of the Office of the Chief Financial Officer of the District of Columbia government.
Fitzroy Lee, Deputy Chief Financial Officer and Chief Economist
Office of Revenue Analysis
1101 4th St., SW, Suite W770
Washington D.C. 20024
202-727-7775
18

District of Columbia Economic and Revenue Trends:July 2013

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

District of Columbia Economic and Revenue Trends:July 2013

Uploaded by

Copyright:

Available Formats

GOVERNMENTOFTHEDISTRICTOFCOLUMBIA

Is the DC economy stalling?

BLS reports no recent net gains in either jobs located in DC or jobs

DC Economic and Revenue Trends: July 2013

DC Office of Revenue Analysis

Wage and salary employment

Federal government employment for May was down by

Total year-over-year DC metropolitan area employment

Seasonally adjusted wage and salary employment in DC

There was an increase of 1.8% in suburban Washington

Notseasonallyadjusted.Suburbanempl oymentisthedi fferencebetweenthemetroareatotalandtheDC portion.

DC Office of Revenue Analysis

Sectors of the economy

In May education gained 3,467 jobs over last year and

Food service (+1,333) was the only other sector showing a

Local government fell by 500.

Private sector industries losing jobs included information,

Over the past year, DCs share of federal employment fell

May2012 May2013 Amount %

DC Economic and Revenue Trends: July 2013

DC Office of Revenue Analysis

In May DC resident employment rose 14,780 (4.6%) from a year

Seasonally adjusted DC resident employment has fallen for two

In May the unemployment rate (seasonally adjusted) remained

Mayinitial unemployment insurance claims were up 5.7%

Source:U.S.BLS.na= datanot available

Tab l e 6 .R es id en t e m p lo ym e n ta n d u n e m p lo ym e n t:M ay2 01 3

D C La bo r for ce sum m ary

D C Un em pl oy m e nt in sur a nce (st a te pr og r a m )

W e e k sco m pe nsa t e d(m o. a vg . )

DC Office of Revenue Analysis

Wages and income

Wages earned in DC have now grown at a slower rate

In the March quarter, the private sector accounted for

In the March quarter, estimated wages of DC residents

Wagesand salariesearn edinDC

Ad dendum:C han gefromprioryearinw agesea rnedinDCb ysec tor

D Cres.w agesas%of wag esearn edin DC

P ro prieto rs'inco meearnedb yDCresidents*

*Proprietors' incomeisde rivedfr omfederaltax dataandthereforeallproprietors' incomeisearne dbyDCre sidents.

DC Economic and Revenue Trends: July 2013

DC Office of Revenue Analysis

Single family and condominium home sales

June year-to-date median prices were up 16.1% for single family

Mediancontractprices,CY todateinJune2013: singlefamily$592,000(16.1%1yrch);condo$407,500(7.3%1y rch)

DC Economic and Revenue Trends: July 2013

DC Office of Revenue Analysis

Apartments and single family home transactions

Sales of single family units at prices above $1 million

In March the quarterly Federal Housing Finance Agency

In the March quarter, occupied apartment units rose 2,085

Table10.D.C.S ing lefamilyandcondom iniumhomesalesatpricesof$1m illion ormore:June2013

Table11.FederalHousingFinance AgencyPriceIndexforsinglefam ilyproper tyinDCandUS:March2013

Table12.M ark etrateun itsinlargerDCapartmentbuildings:March31,2013

Averageeffec tivemo nthlyrent

Sep.302009 Sep.302010 Sep.302011

DC Economic and Revenue Trends: July 2013

DC Office of Revenue Analysis

Commercial office space

Occupied space in the June quarter rose by 1.72 million

Space under construction in June (2.39 million square feet)

In the June quarter, average effective rents for class A office

DCare avacancyrates (withsublet)

Source :DeltaAssociate s.Include ssingletenantandprivatelyownedspaceaswellasmultitenantbuildings.