Author of “The Rise of the Creative Class” Richard Florida mentioned that because of its wealth, education and growing technology sector, Washington’s economy could overtake Chicago and Los Angeles in some areas.
That brings us to Washington, D.C. As the urbanist Aaron Renn wrote recently, Washington is well on its way to becoming America’s “second city,” on track to displace Chicago and Los Angeles “in terms of economic power and national importance.” Greater Washington has had among the nation’s lowest rates of unemployment, the most-stable housing prices, and high overall job growth since the crash. A whopping 59 percent of all new jobs created there since 2009 have been high-wage jobs, second only to San Jose. The Washington metro area includes six of the 10 most affluent counties in the nation.
Other writers (notably the author of this New York Times Magazine piece) have attributed Washington’s growth to the rapid expansion of the federal government. Government contracting dollars spent locally, for instance, more than doubled from 2000 to 2010, reaching $80 billion. Florida gave a nod to the federal government but mostly rejected that argument. Source
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