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Booming Growth and Tight Housing Markets: Where Will the Region’s Future Workforce Live?

National Association of Realtors Regional Workforce Housing Summit Policy Roundtable. Booming Growth and Tight Housing Markets: Where Will the Region’s Future Workforce Live?. Judy Woodruff, Moderator Conrad Egan Mayor William Euille Stephen Fuller, PhD Richard Parsons

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Booming Growth and Tight Housing Markets: Where Will the Region’s Future Workforce Live?

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  1. National Association of Realtors Regional Workforce Housing Summit Policy Roundtable Booming Growth and Tight Housing Markets:Where Will the Region’s Future Workforce Live? Judy Woodruff, Moderator Conrad Egan Mayor William Euille Stephen Fuller, PhD Richard Parsons Councilman Steve Silverman April 24, 2006

  2. Housing Shortage in the Washington Area, 1990 – 2010(thousands) Accumulated Housing Shortage in 2010 = 714.2

  3. Housing Price IndexWashington PMSA4th Quarter Each Year 1995 Q1=100 1997-2005 = +153 % 1990-1997 =+ 3.7 % Source: Federal Office of Housing Enterprise Oversight, GMU Center for Regional Analysis

  4. Household Income and Housing Price Divergence, 1995 - 2005 % Housing Price Income Long term compound interest rate increases, in current $: Income = 5.4% , Housing = 7.0%

  5. Metro Comparisons Ratio of Median Value of New Housing toMedian Family Income – Q3 2005 WASHINGTON In 2000 Washington was 2.8 Source: NAHB/Wells Fargo, GMU Center for Regional Analysis

  6. THE HOUSING CHALLENGE • Job Growth exceeds housing production • Housing supply shortages are caused by local public policies • Accumulating demand pressure generates housing price increases • High demand, insufficient supply, and high prices contribute to housing affordability crisis • Labor shortages and resultant wage inflation caused by housing supply shortages and lack of affordability threaten the region’s economic health

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