CommunityCoronavirusCovid-19Local Business

D.C. in Good Financial Shape Despite Pandemic

D.C. is in good shape financially despite the continuing coronavirus pandemic, according to the city’s chief financial officer.

A report from the CFO’s office showed that jobless claims in the District are higher than they were before the pandemic started, but hiring is up, with 14,000 jobs added in December.

“We’ve lost visitors and sales tax revenue,” Mayor Muriel Bowser said at a news conference Monday, WTOP reported. “But our property tax and our income tax have not been as badly affected as predicted last year.”

The CFO reported to D.C. Council members earlier this month that the District took in an unexpected $526 million as a result of collections of property and income taxes. Nevertheless, the District will likely have deficits for the next two fiscal years due to the effects of the ongoing pandemic on ailing industries such as tourism and hospitality, the CFO said.

The hospitality and food service industries experienced the largest job cuts with both down more than 33% from December 2019, the report said.

The report said commercial office vacancies ticked up 13% from December 2019 and hotel stays in December 2020 were 78% below what they were a year previously.

Despite the uptick in the city’s economy, Bowser expressed concern about struggling Washingtonians.

“Some people haven’t had any impact on their finances,” she said. “And some people have been totally obliterated by the pandemic financially. … Because it is uneven, we haven’t been as impacted because it hasn’t been an across-the-board loss for people.”

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker