A new report from the Center for Regional Analysis at George Mason University says that Fairfax County Public Schools (FCPS) has a local economic impact of $2.2 billion, making it one of the most important sources of local economic activity.
FCPS is Fairfax County’s largest employer with more than 27,000 full- and part-time employees.
Report author Stephen S. Fuller found that FCPS accounts for 4.1 percent of the countywide employment base and its budgeted FY 2017 spending accounts for 2.0 percent of county’s gross county product.
That makes FCPS the second-largest source of economic activity in the Fairfax County (following the federal government), says Fuller.
“Dr. Fuller’s report clearly shows how FCPS is a major contributor to the Fairfax County economy and plays an important role in our community’s quality of life, sustainability, and future growth,” FCPS Superintendent Karen Garza said in a release. Read More
Multifamily housing is a growing trend, says the George Mason Center for Regional Analysis. But in order for it to continue to be successful, there needs to enough to appeal to residents at all price points.
The CRA recently issued a new report, Multifamily Housing in the Washington, DC Region: Demand and Supply Trends, which warns that although new rental housing construction has “increased in the region over the past three years, it has been increasingly high-end rental units located in particular submarkets.”
This may be food for thought for local developers who are eying Reston as a place for hundreds, even thousands, of multifamily units as Reston morphs into a transit-oriented community.
New buildings in Reston include The Avant at Reston Town Center (359 rental units), The Harrison (slated to open later this year on Reston Parkway; 362 units) and The BLVD (recently began construction at Reston Station; 450 units). There are also multifamily buildings planned for Reston Heights (498 units) , Fairway (804 units), Crescent/Lake Anne (935 units) and the Lake Anne Fellowship House site (425 units).
Changes to the Reston Master Plan, which were approved by Fairfax County Supervisors earlier this week, allow for up to 27,900 units of residential development (including existing), an increase of 14,695 from the previous plan.
Is Reston ready for that many units, especially if they come with luxury-sized rents? The newer Reston properties are commanding a high price. At the Avant, for instance, amenities such as granite counters and an on-site yoga room start at $2,157 a month for a studio apartment. A two-bedroom costs more than $2,800 a month.
The other buildings under construction are expected to have similar rents.
While a certain number of Reston’s new units will be set aside as affordable housing, the report says developers will need to be more flexible as the needs of those who seek to live in multifamily buildings change. Many middle-income residents and families who may have formerly opted for a single-family home will seek to live in multifamily housing close to a transit station and amenities, the CRA report says. Read More