Washington: boom town amidst the gloom
Business Times - 18 Nov 2008 The capital tends to grow and prosper during times of economic and international troubles By LEON HADAR WASHINGTON CORRESPONDENT WHETHER you examine economic indicators or study anecdotal evidence - rising unemployment, home foreclosures, business bankruptcies, falling consumer confidence, deserted shopping malls - they all seem to point to one conclusion: the American economy is in a recession and may be sliding into a depression. Unless, that is, you happen to live and work in Washington, DC, the capital city of this nation that is supposed to be in the midst of economic distress. In my neighbourhood, they have just completed the construction of a tall luxury apartment that overlooks the new and the always packed Bloomingdale's department store. And guess what? The manager tells me that the very expensive apartments are selling 'like hot cakes' and that his company is planning to put up one or two more buildings in the area. 'There is alre...