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

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Presentation on theme: "The Regional Economy, Housing Market and Transportation System: Implications and Challenges June 14, 2007 LIVE NEAR YOUR WORK SEMINAR."— Presentation transcript:

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

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

3 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

4 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%

5 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

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

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

8 1982 to 2003 Change in Annual Hours of Delay Per Traveler 1. 1.Atlanta 2. 2.Washington 3. 3.Dallas 4. 4.Los Angeles

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

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

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