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Housing the Regions Workforce, George Mason University, Oct 2011-GMU Final Report

Housing the Regions Workforce, George Mason University, Oct 2011-GMU Final Report

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Published by Terry Maynard

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Categories:Types, Research
Published by: Terry Maynard on Oct 28, 2011
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10/28/2011

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HousFut
Policy Chall
 
George Ma
 
ing the Region’sre Workforce
enges for Local Jurisdictio Final Report
by Lisa A. Sturtevant, PhDStephen S. Fuller, PhDson University School of Public Policy enter for Regional Analysis Arlington, VirginiaOctober 25, 2011
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Acknowledgements
The Center for Regional Analysis would like to thank the following sponsors for their support forthis research project:2030 GroupBank of AmericaStephen T. AntoshThomas S. BozzutoSidney O. DewberryEmanuel J. FriedmanWilliam HazelDonald and Angela IrwinRobert C. Kettler, Kettler Inc.NVR, Inc.Gordon Smith, Miller and Smith Inc.We would also like to thank the Metropolitan Washington Council of Governments for theirsupport and sponsorship of the Housing the Region’s Future Workforce conference.
 
 
GMU Center for Regional Analysis cra.gmu.edu
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Summary of Key Research Findings
Over the next 20 years, the Washington DC metropolitan area will add more than a million netnew jobs. At the same time, the region will need 1.8 million replacement workers to fill jobsvacated by retirees and others. The ability to absorb these new workers into the region and toensure robust regional economic growth depends critically on providing a sufficient amount of housing of the right types and prices and in the right places. The share of gross regionalproduct that leaks out of the metropolitan area is expected to increase from four to eightpercent over the next two decades as more and more of the region’s workers commute tohomes outside of the region. The level of traffic congestion is worsening and our region’sworkers face some of the most arduous and longest commutes in the nation. Employers areconcerned about the ability to attract new workers because of the price and availability of housing. Without local cooperation and a regional housing strategy, the future health of theWashington area economy could be threatened.This research analyzes the future housing demand associated with net new job growth in theWashington DC metropolitan area between 2010 and 2030. Because it is a jobs-driven forecastof housing demand, it explicitly links the economic opportunities in the region to the availabilityand affordability of housing. The housing demand forecasts include an analysis of the type(single-family and multi-family), tenure (owner and renter), price or rent, and location of thehousing that will be needed over the next 20 years. The analysis includes two sets of housingunit forecasts that take into account inter-jurisdictional commuting levels and rates.These housing demand estimates are based on an analysis of the need for housing units for theregion’s expected 1.05 million net new workers. As such, the forecasts significantlyunderestimate the amount of housing that will ultimately be needed to accommodate both netnew and replacement workers. However, even the conservative estimates of housing needreflect rates of new construction that are far greater than the pace of housing construction inthe recent past and are greater than the amount of housing called for by many local jurisdictions’ comprehensive plans.

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