Outlook for Greater Washington economy on the upswing

Outlook for Greater Washington economy on the upswing

The Greater Washington Board of Trade (GWBOT) released its quarterly Consumer Outlook Survey in July and prospects for growth continue to rise in the area. The latest report shows continued improvement in the key Consumer Outlook Index for Maryland, Northern Virginia and The District of Columbia, with increases of 6 points, 3 points and 6 points, respectively, since December 2011. Indeed, the 3 percent improvement in the District of Columbia is higher than at any time since December 2008, which is good news in its own right.

GWBOT reported that the majority of area residents (56%) were positive about current economic conditions and gaining confidence about employment conditions (24% positive compared to just 14% in December 2011). They were also slightly more hopeful about the future than they were in December 2011, with approximately one-third encouraged about economic, employment and personal finances.

There was good news, too, for WANADA dealer members in the report a full 12 percent of consumers intend to buy or lease a new vehicle in the next 6 months, which is fully 3% points higher than a year ago.

Reflecting the improving prospects in the region, GWBOT reported that 27% of the regions employers intend to hire over the next six months and that salaries at 33% of companies had increased over the past six months.

As noted, the GWBOT survey has been conducted since 2008. These results provide a compelling story of how confident consumers are in the Greater Washington region, said James Dinegar, GWBOTs president & CEO.

To see this years complete GWBOT Consumer Outlook Survey, (click here).