D.C.'s boom days may by threatened as the financial largesse of the federal government wanes.
nationaljournal.com is reporting on D.C.'s future growth.
Many quarters of Northwest D.C. feel like the global financial recession never hit. Just try reserving a table at one of the more than 24 new restaurants on 14th Street, the city's main artery of gentrification, and you'll quickly get the picture. The next available table for two at 7:00 p.m. does not open up until early December at Le Diplomate, the $6.5 million French bistro built on the site of a former dry cleaner.
Purchasing real estate is hotly competitive in D.C., too, with multiple bidders pushing up the median sale price of homes by 18.1 percent over the past five years. This to say nothing of the recent influx of millennials to the city, or its high median income of $66,538—compared with the national average of just over $50,000—or the huge jump in the last decade of the number of people in the region in the top 1 percent of the income bracket.
But, don't be fooled around the nation's capital. While it is true that the district has weathered the economic storm far better than most other cities, economists warn that D.C.'s boom days may by threatened as the financial largesse of the federal government wanes.
Full story can be found here.