Wednesday, August 13, 2008

Rising Gas Prices Are One Way to Slow Loudoun County's Growth

At least that's the story Loudoun Times reporter Jason Jacks reported yesterday about rising gasoline prices and the impact on growth in Loudoun County.

According to the story, one prominent economist and two of Loudoun's most prolific developers still think high gas prices may slow growth in Loudoun.

The article quotes Stephen Fuller, an economist at George Mason University and an expert on the region's housing market, who said that "gas prices, which now average about $3.80 a gallon in Northern Virginia according to AAA, may cause people to think twice about living farther out from job centers in Washington, D.C., and Tysons Corner."

"Yes, I think high gas prices will make it difficult for Loudoun County's housing market to recover," he said. "It won't sabotage it, but it will lengthen it."

"And if workers start foregoing the outer suburbs for urban areas, Fuller said, businesses may follow suit. 'Companies want to be near their workforce,' he said."

Read the complete article here.

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