Economic growth depends on housing: MAPCJanuary 17, 2014
The Greater Boston area’s economic health in coming decades will depend on attracting young workers and the availability and affordability of housing for those workers, according to data released yesterday by Alliance founding member the Metropolitan Area Planning Council (MAPC).
MAPC’s Regional Growth Projections forecast population growth of 6.6 to 12.6 percent by 2040 (over 2010 figures), depending on “status quo” or “stronger region” assumptions. Among key findings of the report, the region will require 17 to 24 percent more housing units than the 1.8 million available in 2010.
Other key findings:
- Slow growth is in store if the region keeps losing population to other states.
- New housing demand will outpace population growth due to declining household size.
- A “senior selloff” may provide most of the single family homes needed by younger families.
- Many signs point to the resurgence of urban communities.
Specific community snapshops, prefaced by the regional executive summary, are available for download from the regional projections page.