Mansions for Sale in Washington DC
Average Mansion and Luxury Home Prices in Washington DC
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Washington
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District Of Columbia
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DC
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875,000
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Washington
|
District Of Columbia
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DC
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776,000
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|
Washington
|
District Of Columbia
|
DC
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750,000
|
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General
Washington, D.C. formally the District of Columbia and commonly referred to as Washington, the District, or simply D.C., is the capital of the United States, founded on July 16, 1790. The City of Washington was originally a separate municipality within the Territory of Columbia until an act of Congress in 1871 effectively merged the City and the Territory into a single entity called the District of Columbia. It is for this reason that the city, while legally named the District of Columbia, is known as Washington, D.C. The city is located on the north bank of the Potomac River and bordered by Virginia and Maryland. The District has a resident population of 591,833; however, because of commuters from the surrounding suburbs, its population rises to over one million during the workweek. The Washington Metropolitan Area, of which the District is a part, has a population of 5.3 million, the ninth-largest metropolitan area in the country.
Economy
Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. The gross state product of the District in 2007 was $93.8 billion, which would rank it No. 35 compared to the 50 U.S. states. In 2008, the federal government accounted for about 27% of the jobs in Washington, D.C. This is thought to immunize Washington to national economic downturns because the federal government continues operations even during recessions. However, as of January 2007, federal employees in the Washington area comprised only 14% of the total U.S. government workforce. Many organizations such as law firms, independent contractors (both defense and civilian), non-profit organizations, lobbying firms, trade unions, industry trade groups, and professional associations have their headquarters in or near D.C. to be close to the federal government. As of November 2008, the Washington Metropolitan Area had an unemployment rate of 4.4%; the lowest rate among the 49 largest metro areas in the nation. It is also lower than the national average unemployment rate during the same period of 6.5%.
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