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The capital of the US, Washington, generated a total GDP of USD511 billion in 2016, ranking it as the fifth largest economic agglomeration in the country. Cuts in US federal government spending and federal contracting have directly affected Washington, resulting in slow real GDP growth of just 3.3% over 2011-2016. On top of that, President's Trump's promise to reform governmental bureaucracy is posed to affect the city's GVA and employment structure in the years to come.
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Despite being home to less than 2% of the US total population, Washington hosted 11% of the country's federal civilian employees in 2016, in the most productive branches of the public sector. An extensive public sector is one of the main drivers behind the city's high labour productivity of USD149,200 in 2016. Compared to the rest of the country, Washington's productivity stood 24% higher in that year.
High labour productivity, high education levels (54% of Washington's population had a higher level degree education in 2016) and high labour participation rates (79% labour participation rate in 2016) are just some factors contributing to Washington's high income. In 2016, households in the US capital reached average annual income levels of USD153,000; 37% higher than in the rest of the country.
Boosted by higher incomes, consumer expenditure (excluding transport and housing) per household in Washington was 22% above the level in the remainder of the US. The largest discrepancies between discretionary spending in Washington and the rest of the country's households were seen in the categories of education (62% higher expenditure in Washington than in the rest of the country in 2016) and communications (+34%)
In 2016, Washington's combined consumer spending on transport and housing exceeded the level in the rest of the US by 29%. The difference is greatly driven by housing expenses, as the city's construction category has not managed to cope with the growth of jobs and population in Washington.
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