Expert: ‘We will not slip back into recession, but we will see much slower growth’
Shamus Ian Fatzinger/ Fairfax County Times The Dulles Corridor building in Reston.Northern Virginia is projected to lead the metropolitan Washington, D.C., area in job production in 2012, but overall it will be an “anxious” economic year, according to the Center for Regional Analysis at George Mason University. . .
. . . (GMU Center for Regional Analysis Director Graham) Fuller said during the next few of years the D.C. area’s economy is expected to continue to outpace the national economy, but cutbacks in federal spending eventually will hit the area hard.
Fuller said federal spending cutbacks likely will begin in full force after the November presidential election, and already are being anticipated by many agencies.This Fairfax Times article provides excellent coverage of Dr. Fuller's comments at the regional economic conference last week. The latest County commercial real estate report (mid-2011) indicates that direct office building vacancy rates in Reston then were 15.3% and climbing while the County-wide average was 12.8% and declining. Obviously, with the high proportion of government contractors and even government-leased space in Reston, that percentage could go higher next year--and maybe several years.