Alarm bells ring for Washington regional economy on growth, infrastructure

[cpzilliacus]

Washington Post: Alarm bells ring for Washington regional economy on growth, infrastructure

A pair of loud alarm bells sounded last week for the Washington area's economy, and political leaders from Richmond to Annapolis should take them seriously.

The warning of immediate concern came Thursday at an annual conference of 750 business and civic leaders in McLean. Economics mavens led by George Mason University professor Steve Fuller presented eye-opening data showing that our region has trailed almost every other major U.S. metropolitan area in job growth for the past three years.

Evidence of sluggishness is all around us, although the public has been slow to take note. Vacant commercial offices in Northern Virginia are at their highest level since 1991. Average wages in the region have dropped for three straight years, an unprecedented decline.

We tend to overlook the slippage partly because we're one of the nation's wealthiest regions. It shouldn't make us complacent.