Only one city keeping Washington out of the economic basement

Welcome to CapBiz A.M., your morning primer on business news with a focus on Washington.

Well, we’re not last: The Washington region continues to struggle as federal spending cuts and a lackluster job market take its toll on the local economy, according to one local expert. At this point, he says there’s only one city in the country performing worse than the nation’s capital. (CAPBIZ)

Capitalizing on turmoil: Government contractor CACI International posted lower sales and lower profits this past year, but there’s reason to think the company’s fortunes will soon turn back around. (CAPBIZ)

What now? McLean-based government services contractor DynCorp has not been re-selected for a contract with the National Media Exploitation Center, leaving the fate of 64 of the firm’s employees unclear. (CAPBIZ)

Significant settlement: Bank of America has agreed to a record $17 billion settlement to settle allegations that it knowingly sold faulty mortgage securities that contributed to the financial crisis. (WP)

Toothpaste, in a flash: Uber is experimenting with delivering common convenience store items to customers through a new pilot project in the District – but for right now, it’s only for those in the wealthiest areas. (WP)

Rapid growth: More than two dozen Washington-area firms have cracked Inc. magazine’s annual list of the country’s 500 fastest growing companies, including one that has seen a three-year growth rate of 55,460 percent. (WBJ)

All about timing: Minutes from the Federal Reserve’s latest meeting suggest the economy is regaining strength, and it might not be as long as we once thought before the central bank increases interest rates. (WP)

Housing rebound: A fourth straight monthly increase in sales of existing homes provides the latest evidence that the housing market is bouncing back from its slow start to the year. (AP)

On Wall Street

Stocks climbed on Thursday, pushing the S&P 500 to a new record high after investors received several uplifting pieces of news about the economy (Get the latest updates here)

What’s on tap today

Janet Yellen speaks (10:00 a.m.)

NoVa Business Referral Roundtable meetup (3:00 p.m.)

Vote: Help us select the region’s most promising woman-owned start-up. (CAPBIZ)

Help: The entrepreneurship skills you don’t learn in school (INC)

Follow: Uber D.C.

Extra: Do you have a “work martyr complex?” (WP)

Thoughts? Have feedback, tips or events we should know about? E-mail us here.

J.D. Harrison covers startups, small business and entrepreneurship, with a focus on public policy, and he runs the On Small Business blog.
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