With the federal government printing money left and right to boost the failing economy in 2009, any financial progress gained through the first half of 2010 was essentially a freebie.
At least that’s what economist Stephen Fuller, director of George Mason University’s Center for Regional Analysis, told a group of local real estate agents Thursday.
“We’re transitioning from spending money that didn’t reflect the real demand to spending money that does reflect the demand,” he said at the Economic Summit for the Northern Virginia Association of Realtors.
Which means, the economic road to recovery ahead is slow, isn’t flashy and at times, “you might even be wondering if it’s happening at all,” Fuller said.
Fuller said it will be a year before the economy is self-sustaining again.
But as usual, the Washington region will lead the way in recovery. Fuller said the area is on target for 32 percent job growth this year and by 2012 will see a 44 percent growth in jobs — far outpacing the rest of the nation.
