(Jan. 19, 2012) Cardinal Bank and George Mason University hosted their 20th Annual Economic Conference at the Ritz Carlton in Tyson’s Corner on Jan. 13, 2012. It was a capacity crowd of 600 that required additional chairs in the ballroom.
The speakers included the Washington Post‘s Neil Irvin, Dr. Stephen Fuller PhD of GMU, several builders/developers and the EVP of Lending for Cardinal Bank. It was a lively and informative discussion about our region’s economy, the current recession, jobs, the global economic picture, forecasts for recovery and housing.
Scanning down the notes I took, there were some facts that surprised me:
- There have been 11 recessions since WWII, with 4.5 years between the first 8.
- In the next decade, 800k jobs will have to be “backfilled” because of older workers retiring.
- 39.8% of the Washington DC economy is dependent on Federal spending.
- Federal spending is highest in VA, with $17k per capita spent in NoVA.
- We have had 7 consecutive months of federal job losses.
- It may be 2019 before unemployment is down to pre-recession levels. (Dr. Fuller)