The commercial construction business took a pretty big hit after the financial crisis of 2008. Given the nature of the crisis, this was understandable. All across the nation, jobs were lost, while homes and businesses were abandoned, leaving the economy in shambles. Residential and Commercial properties lost dramatic amounts of value, and real estate, along with all the industries that rely on it (including construction) took severe hits as well.
Real Estate Stayed Strong
Although the damage to the industry was nationwide, there were some regions that weathered the storm better than others. Washington D.C, for example, lost less value, and recovered faster than any other region in the United States. This is due in large part to the median income in D.C, as well as the nature of the industries in which that income is made. These industries include various lobbying, private and public government workers, bureaucrats, and all of the service sector jobs that come with supporting those jobs. According to a report by the Wall Street Journal, which used 2010 census data, the median household income in Washington D.C. in 2010 was $84.523, which is significantly higher than the national median income around $50,000. Continue reading