Dulles Is Set For Growth; Future Economic Outlook
Local economist, Dr. Stephen Fuller of George Mason University, recently shared his latest local forecast for economic growth, job creation, and population increase for the Dulles area.
Dr. Fuller shares very insightful information concerning the Dulles area which includes parts of Fairfax and Loudoun county. Below are a few insights that he forecasts for the area in the next years…
- Though there is currently a high commercial vacancy rate in the Dulles area, it will turn around in 2011 and 2012 as more companies who are looking to ramp up quickly move in to the area.
- The region will require 24,000 new housing units to support its growing economy. He warned that the enormous growth potential in this area could be lost without substantial investment in infrastructure such as roads and housing.
- Fuller calculates that the gross area (local) product increased from 10 billion dollars eight years ago to 35 billion. He forecasts that it could grow to 45 billion in 2015 along with a 12.7% job increase and 15.9% increase in population.
Each of these notes are positive indicators for our local area and reminders that it is important to have a longer term perspective when it comes to the economy and local real estate market. If you would like to read the full article outlining more of Dr. Fuller’s economic forecast you can read it here (taken from TheObserverNews.com).
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