Economic Overview · 2019. 10. 17. · Cost of Living Information Annual Average Salary Cost of Living Index (Base US) US Purchasing Power Washington-Arlington-Alexandria, DC-VA-MD-WV

Economic Overview

Washington-Arlington-Alexandria, DC-VA-MD-WV MSA

October 17, 2019

Source: JobsEQ®, http://www.chmuraecon.com/jobseq Copyright © 2019 Chmura Economics & Analytics, All Rights Reserved.

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DEMOGRAPHIC PROFILE .................................................................................................................................................................... 3

EMPLOYMENT TRENDS ...................................................................................................................................................................... 5

UNEMPLOYMENT RATE ..................................................................................................................................................................... 5

WAGE TRENDS ................................................................................................................................................................................... 6

COST OF LIVING INDEX ...................................................................................................................................................................... 7

INDUSTRY SNAPSHOT ........................................................................................................................................................................ 8

OCCUPATION SNAPSHOT ................................................................................................................................................................. 10

INDUSTRY CLUSTERS ........................................................................................................................................................................ 12

EDUCATION LEVELS ......................................................................................................................................................................... 13

GROSS DOMESTIC PRODUCT ........................................................................................................................................................... 14

REGION DEFINITION ........................................................................................................................................................................ 15

FAQ .................................................................................................................................................................................................. 16

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3

Demographic Profile The population in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA was 6,103,304 per American

Community Survey data for 2013-2017.

The region has a civilian labor force of 3,434,374 with a participation rate of 71.5%. Of individuals 25 to 64 in the

Washington-Arlington-Alexandria, DC-VA-MD-WV MSA, 51.4% have a bachelor’s degree or higher which compares

with 32.3% in the nation.

The median household income in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is $97,648 and the

median house value is $426,297.

Summary1

Percent Value

Washington-

Arlington-

Alexandria, DC-

VA-MD-WV

MSA District of

Columbia USA

Washington-

Arlington-

Alexandria, DC-

VA-MD-WV

MSA District of

Columbia USA

Demographics

Population (ACS) — — — 6,103,304 672,391 321,004,407

Male 48.9% 47.4% 49.2% 2,981,723 319,046 158,018,753

Female 51.1% 52.6% 50.8% 3,121,581 353,345 162,985,654

Median Age2 — — — 37.0 33.9 37.8

Under 18 Years 23.2% 17.6% 22.9% 1,414,064 118,058 73,601,279

18 to 24 Years 8.9% 11.4% 9.7% 542,418 76,490 31,131,484

25 to 34 Years 15.3% 23.3% 13.7% 932,156 156,390 44,044,173

35 to 44 Years 14.4% 14.2% 12.7% 879,127 95,604 40,656,419

45 to 54 Years 14.4% 11.4% 13.4% 881,865 76,580 43,091,143

55 to 64 Years 11.9% 10.3% 12.7% 727,740 69,500 40,747,520

65 to 74 Years 7.2% 6.8% 8.6% 440,086 45,582 27,503,389

75 Years, and Over 4.7% 5.1% 6.3% 285,848 34,187 20,229,000

Race: White 54.6% 40.7% 73.0% 3,333,775 273,471 234,370,202

Race: Black or African American 25.4% 47.7% 12.7% 1,548,754 321,062 40,610,815

Race: American Indian and Alaska Native 0.3% 0.3% 0.8% 18,243 1,757 2,632,102

Race: Asian 9.9% 3.8% 5.4% 605,850 25,558 17,186,320

Race: Native Hawaiian and Other Pacific Islander 0.1% 0.0% 0.2% 3,714 289 570,116

Race: Some Other Race 5.8% 4.6% 4.8% 353,367 30,961 15,553,808

Race: Two or More Races 3.9% 2.9% 3.1% 239,601 19,293 10,081,044

Hispanic or Latino (of any race) 15.2% 10.7% 17.6% 930,476 71,829 56,510,571

Population Growth

Population (Pop Estimates)4 — — — 6,263,245 702,455 327,167,434

Population Annual Average Growth4 1.4% 1.9% 0.7% 80,483 12,222 2,307,347

Economic

Labor Force Participation Rate and Size (civilian population 16 years

and over) 71.5% 69.3% 63.3% 3,434,374 388,980 161,159,470

Prime-Age Labor Force Participation Rate and Size (civilian

population 25-54) 87.3% 86.4% 81.6% 2,325,808 282,312 103,761,701

Armed Forces Labor Force 0.8% 0.6% 0.4% 38,784 3,441 1,024,855

Veterans, Age 18-64 6.5% 3.2% 4.9% 256,452 15,271 9,667,749





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Summary1

Percent Value

Washington-

Arlington-

Alexandria, DC-

VA-MD-WV

MSA District of

Columbia USA

Washington-

Arlington-

Alexandria, DC-

VA-MD-WV

MSA District of

Columbia USA

Veterans Labor Force Participation Rate and Size, Age 18-64 87.3% 76.0% 75.8% 223,795 11,599 7,326,514

Median Household Income2 — — — $97,648 $77,649 $57,652

Per Capita Income — — — $46,231 $50,832 $31,177

Poverty Level (of all people) 8.3% 17.4% 14.6% 496,771 111,025 45,650,345

Households Receiving Food Stamps/SNAP 7.4% 14.4% 12.6% 161,128 39,921 15,029,498

Mean Commute Time (minutes) — — — 34.6 30.0 26.4

Commute via Public Transportation 13.7% 35.4% 5.1% 442,501 125,641 7,607,907

Educational Attainment, Age 25-64

No High School Diploma 8.7% 8.2% 11.4% 297,543 32,608 19,230,541

High School Graduate 17.5% 16.5% 26.0% 599,953 65,630 43,784,920

Some College, No Degree 16.6% 12.6% 21.2% 566,273 50,253 35,803,629

Associate's Degree 5.8% 3.1% 9.0% 200,030 12,239 15,199,517

Bachelor's Degree 26.8% 25.8% 20.5% 917,416 102,518 34,602,913

Postgraduate Degree 24.5% 33.9% 11.8% 839,673 134,826 19,917,735

Housing

Total Housing Units — — — 2,322,368 308,161 135,393,564

Median House Value (of owner-occupied units)2 — — — $426,297 $537,400 $193,500

Homeowner Vacancy 1.2% 1.6% 1.7% 16,735 1,875 1,346,331

Rental Vacancy 5.0% 5.9% 6.1% 42,729 10,294 2,838,344

Renter-Occupied Housing Units (% of Occupied Units) 36.5% 58.3% 36.2% 794,708 162,190 42,992,786

Occupied Housing Units with No Vehicle Available (% of Occupied

Units) 9.8% 35.7% 8.8% 212,910 99,368 10,468,418

Social

Enrolled in Grade 12 (% of total population) 1.4% 1.0% 1.4% 84,639 6,901 4,437,324

Disconnected Youth3 2.0% 3.0% 2.7% 6,052 952 456,548

Children in Single Parent Families (% of all children) 29.3% 53.4% 34.5% 399,195 58,851 24,106,567

With a Disability, Age 18-64 6.7% 9.7% 10.3% 261,790 45,190 20,276,199

With a Disability, Age 18-64, Labor Force Participation Rate and Size 53.5% 45.0% 41.4% 140,177 20,328 8,395,884

Foreign Born 22.6% 14.0% 13.4% 1,377,606 94,421 43,028,127

Speak English Less Than Very Well (population 5 yrs and over) 10.4% 5.7% 8.5% 594,151 35,597 25,654,421

Source: JobsEQ® 1. American Community Survey 2013-2017, unless noted otherwise 2. Median values for certain aggregate regions (such as MSAs) may be estimated as the weighted averages of the median values from the composing counties. 3. Disconnected Youth are 16-19 year olds who are (1) not in school, (2) not high school graduates, and (3) either unemployed or not in the labor force. 4. Census 2018, annual average growth rate since 2008






5

Employment Trends As of 2019Q2, total employment for the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA was 3,385,132

(based on a four-quarter moving average). Over the year ending 2019Q2, employment increased 0.5% in the region.

Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2018Q4

with preliminary estimates updated to 2019Q2.

Unemployment Rate The seasonally adjusted unemployment rate for the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA was

3.1% as of August 2019. The regional unemployment rate was lower than the national rate of 3.8%. One year earlier,

in August 2018, the unemployment rate in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA was 3.3%.

Unemployment rate data are from the Local Area Unemployment Statistics, provided by the Bureau of Labor Statistics and updated through August 2019.





6

Wage Trends The average worker in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA earned annual wages of $76,020

as of 2019Q2. Average annual wages per worker increased 3.8% in the region over the preceding four quarters. For

comparison purposes, annual average wages were $57,025 in the nation as of 2019Q2.

Annual average wages per worker data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are

updated through 2018Q4 with preliminary estimates updated to 2019Q2.





7

Cost of Living Index The Cost of Living Index estimates the relative price levels for consumer goods and services. When applied to wages

and salaries, the result is a measure of relative purchasing power. The cost of living is 56.2% higher in Washington-

Arlington-Alexandria, DC-VA-MD-WV MSA than the U.S. average.

Cost of Living Information

Annual Average Salary

Cost of Living Index

(Base US) US Purchasing Power

Washington-Arlington-Alexandria, DC-VA-MD-WV MSA $76,020 156.2 $48,660

District of Columbia $96,893 165.9 $58,422

USA $57,025 100.0 $57,025

Source: JobsEQ® Data as of 2019Q2 Cost of Living per C2ER, data as of 2019q2, imputed by Chmura where necessary.






8

Industry Snapshot The largest sector in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is Professional, Scientific, and

Technical Services, employing 534,574 workers. The next-largest sectors in the region are Public Administration

(399,143 workers) and Health Care and Social Assistance (361,674). High location quotients (LQs) indicate sectors

in which a region has high concentrations of employment compared to the national average. The sectors with the

largest LQs in the region are Public Administration (LQ = 2.51), Professional, Scientific, and Technical Services

(2.35), and Other Services (except Public Administration) (1.49).

Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2018Q4

with preliminary estimates updated to 2019Q2.

Sectors in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA with the highest average wages per worker

are Management of Companies and Enterprises ($177,501), Finance and Insurance ($129,378), and Professional,

Scientific, and Technical Services ($121,027). Regional sectors with the best job growth (or most moderate job

losses) over the last 5 years are Professional, Scientific, and Technical Services (+40,090 jobs), Health Care and

Social Assistance (+39,556), and Accommodation and Food Services (+34,175).

Over the next 1 year, employment in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is projected to

expand by 28,277 jobs. The fastest growing sector in the region is expected to be Health Care and Social Assistance

with a +1.8% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Professional, Scientific, and Technical Services (+6,951 jobs), Health Care and Social Assistance (+6,528), and

Educational Services (+3,026).





9

Current 5-Year History 1-Year Forecast

NAICS Industry Empl Avg Ann

Wages LQ Empl

Change Ann % Total

Demand Exits Transfers Empl

Growth Ann %

Growth

54 Professional, Scientific, and

Technical Services 534,574 $121,027 2.35 40,090 1.6% 53,012 17,286 28,775 6,951 1.3%

92 Public Administration 399,143 $111,664 2.51 1,117 0.1% 37,251 15,595 21,119 538 0.1%

62 Health Care and Social

Assistance 361,674 $58,412 0.74 39,556 2.3% 40,721 16,799 17,394 6,528 1.8%

61 Educational Services 295,710 $57,095 1.07 19,475 1.4% 30,475 13,225 14,224 3,026 1.0%

72 Accommodation and Food

Services 293,766 $26,967 0.96 34,175 2.5% 49,664 21,082 26,539 2,043 0.7%

44 Retail Trade 284,942 $34,730 0.81 3,873 0.3% 38,484 16,812 21,225 447 0.2%

81 Other Services (except

Public Administration) 219,826 $61,783 1.49 11,522 1.1% 26,144 11,417 13,582 1,145 0.5%

56 Administrative and Support

and Waste Management

and Remediation Services 208,178 $51,722 0.95 10,748 1.1% 26,161 10,226 13,843 2,092 1.0%

23 Construction 186,648 $65,079 0.96 10,619 1.2% 20,564 6,615 11,790 2,159 1.2%

48 Transportation and

Warehousing 111,596 $56,518 0.73 18,231 3.6% 12,630 5,060 6,786 784 0.7%

52 Finance and Insurance 98,953 $129,378 0.74 1,869 0.4% 10,153 3,590 5,779 785 0.8%

51 Information 80,042 $117,972 1.21 -4,560 -1.1% 8,073 2,845 4,952 276 0.3%

71 Arts, Entertainment, and

Recreation 68,809 $45,124 1.01 7,988 2.5% 10,327 4,344 5,323 660 1.0%

53 Real Estate and Rental and

Leasing 62,383 $79,943 1.07 4,723 1.6% 6,842 2,908 3,451 483 0.8%

31 Manufacturing 62,128 $85,239 0.22 4,784 1.6% 5,998 2,392 4,078 -472 -0.8%

42 Wholesale Trade 55,381 $98,487 0.43 -436 -0.2% 5,925 2,200 3,624 101 0.2%

55 Management of Companies

and Enterprises 39,089 $177,501 0.77 -791 -0.4% 3,699 1,321 2,226 151 0.4%

22 Utilities 10,801 $117,859 0.62 713 1.4% 998 354 622 23 0.2%

11 Agriculture, Forestry, Fishing

and Hunting 6,680 $24,008 0.15 -147 -0.4% 768 312 411 44 0.7%

99 Unclassified 3,805 $55,976 1.05 -1,081 -4.9% 472 182 249 40 1.1%

21 Mining, Quarrying, and Oil

and Gas Extraction 1,003 $75,873 0.07 -2 0.0% 100 33 68 -2 -0.2%

Total - All Industries 3,385,132 $76,020 1.00 202,467 1.2% 398,885 158,872 211,735 28,277 0.8%

Source: JobsEQ® Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2018Q4

with preliminary estimates updated to 2019Q2. Forecast employment growth uses national projections adapted for regional growth patterns.






10

Occupation Snapshot The largest major occupation group in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is Office and

Administrative Support Occupations, employing 435,249 workers. The next-largest occupation groups in the region

are Business and Financial Operations Occupations (312,788 workers) and Sales and Related Occupations

(283,876). High location quotients (LQs) indicate occupation groups in which a region has high concentrations of

employment compared to the national average. The major groups with the largest LQs in the region are Legal

Occupations (LQ = 2.50), Life, Physical, and Social Science Occupations (2.26), and Computer and Mathematical

Occupations (2.12).

Occupation groups in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA with the highest average wages

per worker are Management Occupations ($148,800), Legal Occupations ($147,800), and Computer and

Mathematical Occupations ($106,500). The unemployment rate in the region varied among the major groups from

1.2% among Healthcare Practitioners and Technical Occupations to 6.2% among Farming, Fishing, and Forestry

Occupations.

Over the next 1 year, the fastest growing occupation group in the Washington-Arlington-Alexandria, DC-VA-MD-WV

MSA is expected to be Healthcare Support Occupations with a +2.2% year-over-year rate of growth. The strongest

forecast by number of jobs over this period is expected for Computer and Mathematical Occupations (+3,237 jobs)

and Business and Financial Operations Occupations (+2,891). Over the same period, the highest separation demand

(occupation demand due to retirements and workers moving from one occupation to another) is expected in Office

and Administrative Support Occupations (48,598 jobs) and Food Preparation and Serving Related Occupations

(46,817).

Occupation Snapshot in Washington-Arlington-Alexandria, DC-VA-MD-WV MSA, 2019q21


SOC Occupation Empl Avg Ann

Wages2 LQ Unempl Unempl

Rate Online

Job Ads3 Empl

Change Ann % Total


Growth Ann %

Growth

43‑ 0000 Office and Administrative Support 435,249 $45,500 0.90 13,839 3.2% 20,376 -2,756 -0.1% 48,891 22,514 26,084 294 0.1%

13‑ 0000 Business and Financial Operations 312,788 $94,000 1.76 8,136 2.6% 27,338 22,293 1.5% 31,220 9,624 18,705 2,891 0.9%

41‑ 0000 Sales and Related 283,876 $45,800 0.84 11,884 4.1% 25,653 5,893 0.4% 40,222 17,019 22,232 971 0.3%

35‑ 0000 Food Preparation and Serving Related 267,947 $29,100 0.92 15,877 5.8% 18,311 28,786 2.3% 49,080 20,838 25,979 2,262 0.8%

11‑ 0000 Management 256,246 $148,800 1.23 4,135 1.6% 22,738 26,643 2.2% 22,704 6,644 13,540 2,520 1.0%

15‑ 0000 Computer and Mathematical 210,186 $106,500 2.12 4,021 1.9% 54,565 18,987 1.9% 17,560 3,762 10,561 3,237 1.5%

25‑ 0000 Education, Training, and Library 202,441 $65,500 1.07 5,519 2.6% 7,200 11,964 1.2% 20,309 9,210 8,789 2,310 1.1%

29‑ 0000 Healthcare Practitioners and Technical 163,763 $93,100 0.84 2,047 1.2% 13,011 16,114 2.1% 10,963 4,496 4,262 2,205 1.3%

53‑ 0000 Transportation and Material Moving 156,915 $43,600 0.67 6,701 4.3% 7,338 14,373 1.9% 20,278 8,318 10,747 1,213 0.8%

47‑ 0000 Construction and Extraction 140,930 $51,700 0.89 7,180 5.2% 2,631 5,353 0.8% 16,240 5,122 9,580 1,538 1.1%

39‑ 0000 Personal Care and Service 134,214 $31,400 0.91 5,537 4.2% 7,193 19,821 3.2% 22,620 10,525 10,120 1,974 1.5%

37‑ 0000 Building and Grounds Cleaning and Maintenance

130,545 $32,000 1.12 6,299 4.8% 3,754 2,733 0.4% 17,940 8,330 8,473 1,137 0.9%

49‑ 0000 Installation, Maintenance, and Repair

114,260 $56,500 0.88 2,815 2.7% 6,251 6,141 1.1% 11,816 4,021 6,982 813 0.7%

33‑ 0000 Protective Service 89,317 $60,300 1.22 2,606 3.0% 4,293 5,817 1.4% 10,243 4,630 5,175 438 0.5%





11

Occupation Snapshot in Washington-Arlington-Alexandria, DC-VA-MD-WV MSA, 2019q21


SOC Occupation Empl Avg Ann

Wages2 LQ Unempl Unempl

Rate Online

Job Ads3 Empl

Change Ann % Total


Growth Ann %

Growth

27‑ 0000 Arts, Design, Entertainment, Sports, and Media

85,750 $80,200 1.43 2,220 2.6% 7,013 4,261 1.0% 8,832 3,280 5,028 523 0.6%

31‑ 0000 Healthcare Support 72,341 $35,600 0.78 2,191 3.2% 4,064 4,868 1.4% 10,252 4,381 4,312 1,559 2.2%

17‑ 0000 Architecture and Engineering 72,243 $102,900 1.26 1,186 1.7% 4,041 -242 -0.1% 5,886 1,859 3,396 630 0.9%

23‑ 0000 Legal 70,524 $147,800 2.50 976 1.4% 1,803 1,935 0.6% 4,597 1,732 2,369 496 0.7% 51‑ 0000 Production 68,436 $42,600 0.34 2,617 3.9% 2,356 998 0.3% 7,701 3,027 4,752 -78 -0.1%

19‑ 0000 Life, Physical, and Social Science 60,711 $101,300 2.26 1,512 2.5% 2,986 3,107 1.1% 5,639 1,545 3,822 271 0.4%

21‑ 0000 Community and Social Service 51,774 $59,600 0.92 1,186 2.1% 5,726 5,099 2.1% 6,510 2,190 3,621 699 1.3%

45‑ 0000 Farming, Fishing, and Forestry 4,677 $40,200 0.21 351 6.2% 59 280 1.2% 699 178 501 19 0.4%

Total - All Occupations 3,385,132 $68,600 1.00 108,835 3.2% 248,699 202,467 1.2% 390,555 153,246 209,032 28,277 0.8%

Source: JobsEQ® Data as of 2019Q2 unless noted otherwise Note: Figures may not sum due to rounding. 1. Data based on a four-quarter moving average unless noted otherwise. 2. Wage data are as of 2018 and represent the average for all Covered Employment 3. Data represent found online ads active within the last thirty days in the selected region; data represents a sampling rather than the complete universe of postings. Ads lacking zip code

information but designating a place (city, town, etc.) may be assigned to the zip code with greatest employment in that place for queries in this analytic. Due to alternative county-assignment

algorithms, ad counts in this analytic may not match that shown in RTI (nor in the popup window ad list). Occupation employment data are estimated via industry employment data and the estimated industry/occupation mix. Industry employment data are derived from the Quarterly Census of

Employment and Wages, provided by the Bureau of Labor Statistics and currently updated through 2018Q4, imputed where necessary with preliminary estimates updated to 2019Q2. Wages by

occupation are as of 2018 provided by the BLS and imputed where necessary. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional

growth patterns.






12

Industry Clusters A cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in the

Washington-Arlington-Alexandria, DC-VA-MD-WV MSA with the highest relative concentration is Public Admin. with

a location quotient of 2.51. This cluster employs 399,143 workers in the region with an average wage of $113,157.

Employment in the Public Admin. cluster is projected to expand in the region about 0.1% per year over the next ten

years.

Location quotient and average wage data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics, imputed where necessary, and updated

through 2018Q4 with preliminary estimates updated to 2019Q2. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns.





13

Education Levels Expected growth rates for occupations vary by the education and training required. While all employment in the

Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is projected to grow 0.8% over the next ten years,

occupations typically requiring a postgraduate degree are expected to grow 1.1% per year, those requiring a

bachelor’s degree are forecast to grow 1.1% per year, and occupations typically needing a 2-year degree or

certificate are expected to grow 1.1% per year.

Employment by occupation data are estimates are as of 2019Q2. Education levels of occupations are based on BLS assignments. Forecast employment growth uses national projections from the

Bureau of Labor Statistics adapted for regional growth patterns.





14

Gross Domestic Product Gross Domestic Product (GDP) is the total value of goods and services produced by a region. In 2018, nominal GDP

in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA expanded 4.1%. This follows growth of 3.6% in 2017.

As of 2018, total GDP in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA was $544,872,956,000.

Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through 2018.

Of the sectors in the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA, Professional, Scientific, and Technical

Services contributed the largest portion of GDP in 2018, $98,034,387,000 The next-largest contributions came from

Real Estate and Rental and Leasing ($82,403,472,000); Public Administration ($80,408,772,000); and Information

($30,888,841,000).

Gross Domestic Product data are provided by the Bureau of Economic Analysis, imputed by Chmura where necessary, updated through 2018.





15

Region Definition Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is defined as the following counties:

Arlington County, Virginia Fairfax City, Virginia

Clarke County, Virginia Falls Church City, Virginia

Culpeper County, Virginia Fredericksburg City, Virginia

Fairfax County, Virginia Manassas City, Virginia

Fauquier County, Virginia Manassas Park City, Virginia

Loudoun County, Virginia District of Columbia Excluding Exceptions

Madison County, Virginia Calvert County, Maryland

Prince William County, Virginia Charles County, Maryland

Rappahannock County, Virginia Frederick County, Maryland

Spotsylvania County, Virginia Montgomery County, Maryland

Stafford County, Virginia Prince Georges County, Maryland

Warren County, Virginia Jefferson County, West Virginia

Alexandria City, Virginia





16

FAQ What is a location quotient?

A location quotient (LQ) is a measurement of concentration in comparison to the nation. An LQ of 1.00 indicates a region has

the same concentration of an industry (or occupation) as the nation. An LQ of 2.00 would mean the region has twice the

expected employment compared to the nation and an LQ of 0.50 would mean the region has half the expected employment

in comparison to the nation.

What is separation demand?

Separation demand is the number of jobs required due to separations—labor force exits (including retirements) and turnover

resulting from workers moving from one occupation into another. Note that separation demand does not include all

turnover—it does not include when workers stay in the same occupation but switch employers. The total projected demand

for an occupation is the sum of the separation demand and the growth demand (which is the increase or decrease of jobs in

an occupation expected due to expansion or contraction of the overall number of jobs in that occupation).

What is a cluster?

A cluster is a geographic concentration of interrelated industries or occupations. If a regional cluster has a location quotient

of 1.25 or greater, the region is considered to possess a competitive advantage in that cluster.

What is the difference between industry wages and occupation wages?

Industry wages and occupation wages are estimated via separate data sets, often the time periods being reported do not

align, and wages are defined slightly differently in the two systems (for example, certain bonuses are included in the industry

wages but not the occupation wages). It is therefore common that estimates of the average industry wages and average

occupation wages in a region do not match exactly.

What is NAICS?

The North American Industry Classification System (NAICS) is used to classify business establishments according to the

type of economic activity. The NAICS Code comprises six levels, from the “all industry” level to the 6-digit level. The first two

digits define the top level category, known as the “sector,” which is the level examined in this report.

What is SOC?

The Standard Occupational Classification system (SOC) is used to classify workers into occupational categories. All workers

are classified into one of over 820 occupations according to their occupational definition. To facilitate classification,

occupations are combined to form 23 major groups, 96 minor groups, and 449 occupation groups. Each occupation group

includes detailed occupations requiring similar job duties, skills, education, or experience.

About This Report This report and all data herein were produced by JobsEQ®, a product of Chmura Economics & Analytics. The information contained herein was obtained from sources we believe to be reliable.

However, we cannot guarantee its accuracy and completeness.




Documents

Economic Overview · 2019. 10. 17. · Cost of Living Information Annual Average Salary Cost of Living Index (Base US) US Purchasing Power Washington-Arlington-Alexandria, DC-VA-MD-WV