We are often asked to search for homes near a metro station. With 90% of new office space in Fairfax County within a half mile of a metro station, this request is certain to rise along with the prices of the housing. This article from the Fairfax Times says a little more about the importance of transit in our area.
Report: Transit investment critical to local economy
Investment in transit is good for business in Northern Virginia, according to a new report by the George Mason University Center for Regional Analysis.
This message was repeatedly reinforced by elected officials and business leaders speaking at the Northern Virginia Transportation Commission’s first policy forum, “Transit Means Business,” in Tysons May 8. NVTC is a regional organization that provides funding and promotion for transit agencies throughout Northern Virginia.
“In order for this region to remain competitive, we have to have a 21st century transportation network,” said Robert Puentes, a senior fellow with the Brookings Metropolitan Policy Program.
Many businesses are already voting with their feet and choosing to relocate to more transit-accessible areas, according to speakers at Friday’s forum.
A Virginia Tech analysis of 2011 U.S. census data found that 59 percent of the jobs in Northern Virginia are located within a quarter mile of a Metro or VRE station or a bus stop. More than 90 percent of new office space in the region is within a half mile of a Metrorail station, according to Shyam Kannan, director of the Washington Metropolitan Area Transit Authority’s Office of Planning.
“Look at the real estate economy and you realize that the business community has already decided that transit is important,” Kannan said.
Transit provides a major return on investment through the economic growth that it brings, said U.S. Rep. Gerry Connolly (D-11th).
“Whatever we have invested in Metro we have more than created in new economic development,” Connolly said.
Locating near transit increases the size of a business’s potential recruitment pool because it is easier for employees to get there from other parts of the region and an increasing number of people are choosing to commute by transit.
About 14 percent of Northern Virginia residents used transit for their work commute in 2013, more than double the percentage of transit commuters in 2000, according to the GMU report.
“Transit and transportation is a critical factor when we try and attract businesses,” said Buddy Rizer, director of the Loudoun County Department of Economic Development. “No amount of incentive money makes a bad location attractive.”
A transit-accessible location is particularly important for businesses that are trying to recruit the millennial workforce, many of whom are choosing to live in more urban settings and to not drive or drive less.
About 70 percent of millennials regularly use some form of transportation other than driving, according to Virginia Secretary of Transportation Aubrey Layne, and more than a quarter of eligible 18- to 25-year-olds in Virginia do not have a driver’s license.
“Talent is now the most precious resource,” Sen. Tim Kaine (D-Va.) said, and quality of life is essential to a strong talent pool. “What people want these days, they want to have choices.”