Arlington’s unemployment rate is holding at a low 4.3 percent.
Employment figures just released for June show that total employment in Arlington increased from 134,010 in May to 134,579 in June. But at the same time the civilian labor force increased from 140,041 to 140,617. That produces a 4.3 percent unemployment rate for both months.
Secretary Gates Calls For Reduction of DoD Spending — On Saturday Defense Secretary Robert Gates gave a blistering speech that called for a significant restructuring of Pentagon spending, reports Andrea Stone at AOL News. Citing a “gusher of defense spending” following 9/11, Gates stated his desire to reduce spending on weapons systems and military health care. He also called for a reduction in the number of generals and admirals in the services. Defense spending is a major component of the local economy.
BRAC Moves May Cause Traffic Woes — The transfer of 13,000 DoD jobs from Crystal City to Ft. Belvoir, Alexandria’s Mark Center development and elsewhere may cause major traffic problems, the Washington Post reports. The areas where the jobs are moving to are not Metro accessible and are not prepared to receive the ensuing crush of traffic, several people told the Post. By law, about four million square feet of office space in Crystal City must be vacated by September 2011.
Governor Bob McDonnell is expected to announce tomorrow that Northrop Grumman has selected Northern Virginia for the location of its new headquarters, according to sources cited by the Washington Business Journal.
McDonnell is not expected to announce which Northern Virginia site has been selected quite yet. Among the reported finalists are the 800 North Glebe Road development in Ballston, along with a site in Falls Church and a site in Alexandria.
Arlington Makes AP’s “Least Stressed” List — Arlington has placed 12th on the Associated Press’ list of the 20 least economically stressed counties in the U.S.
County Gov’t Getting Paid By Feds — Arlington County will be reimbursed more than $300,000 for expenses associated with President Obama’s inauguration, the Sun Gazette reports. The county government is now turning its attention to securing about $800,000 in reimbursements from FEMA for December’s “Snowpocalypse” snow storm.
“Arlington is still a highly attractive market,” Terry Holzheimer, the head of the county’s Arlington Economic Development (AED) office, told a gathering of developers, real estate brokers and business leaders this morning.
Citing a new AED study, Holzheimer said he expects job growth to continue (Arlington was the only local community with significant job growth from 2007 to 2009), residential and commercial rents to rise, and development to soldier on, eventually.
