March 03, 2025 - The Trump administration`s sweeping cuts to the federal workforce are slated to damage the D.C.-area economy and dramatically lower the city`s tax revenues, a new report projects.
D.C.’s Office of the Chief Financial Officer, in its new revenue forecast released Friday, estimates the city will bring in $21.6M less this year and an average of $342.1M less over the following three years than its December forecast predicted. The total decline adds up to just over $1B in reduced revenue between now and the end of fiscal year 2028.
The report cites the Trump administration’s recent moves to slash the federal workforce as the primary reason for the declining projections, along with the domino effect that is expected to have on the local economy.
...moreThe report cites the Trump administration’s recent moves to slash the federal workforce as the primary reason for the declining projections, along with the domino effect that is expected to have on the local economy.
RSK: That smarts....but not as much as the pandemic did to non federal office space.
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- - Volume: 25 - WEEK: 11 Date: 3/11/2025 8:52:39 AM -