economy

News

Morning Notes

By ARLnow.com

Fairfax May Be ‘Big Winner’ From Streetcar — The Columbia Pike streetcar may be an economic boon to Fairfax County. Fairfax is planning to use its portion of the future streetcar system to lure office tenants to the Skyline and Baileys Crossroads areas. Already, promise of the streetcar might be helping to sway the U.S. Fish and Wildlife Service to move to Skyline from Ballston. [Sun Gazette]

Office Absorption Down as Sequester Takes Hold — The D.C. region, particularly Northern Virginia, is shedding office tenants. The region typically “absorbs” about 900,000 square feet of office space per quarter, but posted a negative 100,000 square foot absorption figure between April and June. Tenant downsizing and federal job losses and budget cuts are being blamed for the poor absorption figures. [Globe St]

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Opinion

The Right Note: Make Virginia Number One

By Mark Kelly

The Right Note is a weekly opinion column published on Thursdays. The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

This week Virginia gubernatorial candidate and Attorney General Ken Cuccinelli outlined his Economic Growth & Virginia Jobs Plan. It touches on a number of items, but I wanted to highlight three:

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Around Town

In the Works: 6.3 Million Square Feet of Office Space

By ARLnow.com

The development of 5.3 million square feet of office, 836,543 square feet of retail and 7,572 residential units in Arlington has been approved by the county but is not yet under construction, according to the 2012 Arlington County Government annual report. That’s up from last year’s annual report, when 4.3 million square feet of office, 813,479 square feet of retail and 5,839 residential units were approved and awaiting construction.

As of Sept. 30, approximately 1 million square feet of office, 150,000 square feet of retail and 1,380 residential units were under construction, up about 50 percent, 70 percent and 20 percent year-over-year, respectively.

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News

Morning Notes

By ARLnow.com

Budget Cuts May Hurt Local Economic Growth — With looming budget cuts and the possible implications of the fiscal cliff, the D.C. area economy is starting to look more vulnerable and more like the rest of the country, according to economists. The federal government and information job categories have seen losses recently, and slower economic growth is expected over the next two decades. [Sun Gazette]

Residents Still Wary of Homeless Shelter — Residents have of the Woodbury Heights condominium in Courthouse, who have been speaking out against the county’s planned year-round homeless shelter at 2020 14th Street N., have been working with Arlington and its contractors on changes to the design of the building. Residents want the entrance to the shelter to be as far away from their building as possible. One homeless advocate, frustrated with the residents’ continued opposition to the shelter, called the attendees at a recent community meeting “the biggest group of snobs I’ve ever seen.” [Patch]

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News

Moran Asks McDonnell to ‘Prod’ GOP on Sequestration

By ARLnow.com

The letter asks McDonnell to “prod” Republicans in Congress to support a deficit reduction package that closes tax loopholes, eliminates “unneeded subsidies,” and avoids deep cuts to social safety net programs.

Sequestration could cost Virginia 207,000 jobs and $20.9 billion in lost economic activity, according to one economist.

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News

Arlington County By the Numbers

By ARLnow.com

In terms of population, Arlington’s Community Planning, Housing and Development (CPHD) department estimates that there are 99,900 total household in the county. Arlington’s population, meanwhile, will exceed a quarter of a million by 2040, according to CPHD forecasts.

Government was the top job sector in Arlington, based on 2012 estimates.

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News

Arlington Generates 13 Percent of Va. Tourism Revenue

By ARLnow.com

According to new state tourism figures, visitors spent nearly $2.5 billion in Arlington in 2010, an increase of more than 6 percent compared to 2009. Tourism revenue was still down slightly from its peak in 2008.

Tourism was responsible for 23,164 jobs and a total payroll of $790 million in Arlington in 2010, according to the Virginia Tourism Corporation. The county collected some $72 million in tax receipts as a result of tourism, and the state collected $81 million from Arlington tourists.

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News

As Recession Lingers, AFAC Hits All-Time High

By ARLnow.com

AFAC served 1572 families, or 4006 individuals, last week. The previous high was hit on Nov. 21, 2009, when AFAC served 1524 families during its traditionally busy Thanksgiving distribution week. Last month, AFAC saw its highest average monthly number of families served: 1450.

“Most of the individuals, I would say, are affected by the recession,” AFAC Executive Director Charles Meng told ARLnow.com. “The issue remains that unemployment among the lower income brackets in Arlington County is still very high. Those individuals are still not finding jobs, or are getting jobs that pay minimum wage.”

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Opinion

Morning Poll: How Do You Feel About the Local Economy?

By ARLnow.com

Now, as the national economy teeters once again, there’s some question of whether the local economy can remain an island of vibrancy. With federal discretionary spending decreasing, and with the possibility of even steeper cuts down the road, Uncle Sam may not be able to provide the steady flow of cash that kept the local economy going during the last recessionary period.

The local economic indicators are a mixed bag. Unemployment in Arlington is still remarkably low, at 3.9 percent. Home sales are up in the most recent period, but home sale prices are down considerably in Arlington and in the D.C. metro area.

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