Economic Rebound Forecast for Greater Washington
According to a new regional economic forecast by the Stephen S. Fuller Institute at the Schar School of Government at George Mason University, greater Washington’s economy will rebound in 2021 as Covid-19 vaccinations become more common and the weather warms up.
Predictions include a 3.5% growth in the gross regional product in 2021, following the 2.9% drop in 2020.
But the region will only see a full recovery in 2022, with 4.1% projected growth in the local economy. Factors that will affect rebound include speed of vaccine rollout and decrease of labor force.
D.C. continues to have the highest percentage of households with at least one worker teleworking, according to Census Bureau data analyzed by the institute. About 56.6% of households locally have at least one teleworker, compared with 50.3% in second-highest Boston, and just 40.2% in Atlanta.
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