The greater Boston area – including MetroWest – will need to add 435,000 new housing units by 2040 in order to sustain economic growth, according to a new report issued by the Metropolitan Area Planning Council (MAPC).
Without additional housing, particularly multifamily units in urban areas, the MAPC suggests that the Boston area will not be able to attract the younger workers necessary to replace the 1 million baby boomers (39% of the regional workforce) expected to retire by 2030. The region’s current population is insufficient to fill those expected vacancies, let alone provide the larger workforce necessary for economic growth, according to the MAPC.
Although retirees selling off their single-family homes will help meet some of the housing demand, the MAPC’s report notes that many of today’s younger workers prefer multifamily units in or near urban areas – a housing type in short supply.
The MAPC’s full report, “Population and Housing Demand Projections for Metro Boston”, and an executive summary, are available here.