Federal activity in the D.C. region since President Donald Trump took office this year saw its sharpest annual decline since the government implemented across-the-board budget cuts, a process known as sequestration, more than a decade ago.
New data from real estate firm CBRE showed that federal activity — defined as federal employment and spending — was down 20.1% in July from a year earlier, the steepest drop since the 36.7% annual decline in January 2014 that was a result of sequestration, according to Ian Anderson, CBRE’s senior director of research and analysis.
Anderson said it was also among the steepest declines since the implementation of the Department of Defense’s Base Realignment and Closure program in 2005 that saw the closure and consolidation of defense stations in the region, including the shuttering of the Walter Reed Army Medical Center in D.C.
The latest numbers from CBRE are further evidence that the Trump administration’s efforts to slash federal spending through…
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