The Regional Economy, Housing Market and Transportation System: Implications and Challenges June 14, 2007 LIVE NEAR YOUR WORK SEMINAR.

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Presentation transcript:

The Regional Economy, Housing Market and Transportation System: Implications and Challenges June 14, 2007 LIVE NEAR YOUR WORK SEMINAR

Metro Comparisons Job Change Largest Metro Areas Thousands WASHINGTON Source: BLS, GMU Center for Regional Analysis

15 Largest Job Markets Ranked by Unemployment Rate April 2007 % U.S. 4.3% Data not seasonally adjustedSource: BLS, GMU Center for Regional Analysis 2.8

Average Sales Price All Housing Types Washington Metro Source: MRIS, GMU Center for Regional Analysis $ +5.8% +10.5% +13.6% +13.8% +20.1% % -0.4%

Metro Comparisons Percent Change in House Prices Last Five Years (Q3 01– Q3 06) Percent WASHINGTON Source: Office of Federal Housing Enterprise Oversight, GMU Center for Regional Analysis Conforming Mortgages Only

Annual Change In Housing Demand vs. Housing Supply Washington MSA Thousands 47,700 32,600 Demand Supply

Congestion in the Washington Region is Getting Worse: % Leave Home < 6:00 AM% With Work Trip > 45 Min.

1982 to 2003 Change in Annual Hours of Delay Per Traveler 1. 1.Atlanta 2. 2.Washington 3. 3.Dallas 4. 4.Los Angeles

Implications and Challenges Higher Housing Costs Higher Transportation Costs Higher Cost of Living Declining Affordability Declining Comparative Advantage

Some Solutions Live Closer to Work Increase Supply of Housing & Higher Densities Increase Supply of Transportation Facilities and Services Telecommuting