92,000 Home Shortfall
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December 15, 2005
Everywhere we look we are getting the same forecast: The D.C. Metro area has a strong growing economy and a constant shortage of homes. If these forecasts are correct, the housing market and prices should remain firm for some time to come. The most recent predictions come from a study by the Metropolitan Washington Council of Governments and published in the Washington Post this morning:Read the entire story here.Planning Body Foresees Housing Shortfall
By Bill Turque
Washington Post Staff Writer
Thursday, December 15, 2005; Page B08
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In its latest round of regional growth forecasts, the Metropolitan Washington Council of Governments said that while the area's economy will generate about 1.6 million new jobs by 2030, current building patterns would leave a shortage of about 92,000 homes.
COG, composed of representatives from the area's local governments, studies regional issues such as transportation, housing and population. It issues periodic reports based on data provided by member jurisdictions. This latest, called "Round 7.0," predicts that the region's population will grow by about 2 million over the next quarter century, reaching 6.6 million by 2030.
Housing supply has lagged behind job creation in the region. In Fairfax, for example, the number of jobs rose from 404,000 to 533,000 during the 1990s, according to county figures, while the home supply increased by less than half that amount.
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Most of the new jobs the council predicts will come to the area would be in fields such as engineering, data processing, business services and medical research. But the report calls the numbers projections and points out that economic and market conditions can change. COG's data include part-time jobs, consulting jobs and positions not covered by unemployment insurance...
Staff writer Lisa Rein contributed to this article.
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