STUDY LOOKS AT CHANGING DEMOGRAPHICS, DEMAND IN CENTRAL OHIO
JANUARY 24, 2014
This week MORPC partnered with Columbus Metropolitan Club to host a panel discussion on an important new study of Central Ohio by Arthur C. Nelson, presidential professor of City & Metropolitan Planning at the University of Utah.
The National Resource Defense Council through their "Urban Solutions Program" commissioned the report which studies market trends, emerging housing preferences, and opportunities for redevelopment to meet future needs of residents and businesses in Central Ohio.
In the report, "COLUMBUS, OHIO: Metropolitan Area Trends, Preferences and Opportunities 2010 to 2030 and to 2040", Nelson found that Columbus’ housing market demand is shifting toward smart-growth development and moving away from traditional suburban sprawl development, due largely in part to changing demographics.
Between 2010 and 2040 about one-third of the change in population will be attributable to seniors, and racial and ethnic minorities will account for nearly all growth. This shift in demographics, paired with changing and emerging preferences, could be why 40% of the demand for new housing in 2040 will be for attached and multifamily units, and another 35% of the demand will be for smaller lots. Additionally more than 1 billion square feet of commercial development will be built, nearly twice the volume of square feet supported in 2010.
"To stay competitive, our region needs the latest information on growth and development trends." says William Murdock, MORPC Executive Director. "This is a comprehensive and objective study about Central Ohio’s future housing supply and demand. Dr. Nelson’s report provides compelling information for both public and private sectors in planning for new growth, its impacts, and the infrastructure investments needed to support it. MORPC will be working to continue the dialogue, analyze the results, and develop new tools to assist our region’s local governments."
For more information contact Sarah McQuaide.