Thousands of new residents could be good news for the real estate market

There’s a tidal wave that will soon wash over Maryland and bring with it thousands of people and many opportunities. Two years ago, the Department of Defense announced a major shift in military bases to meet the changing needs of national security. The Base Realignment and Closure program (BRAC) will expand bases at Fort Meade, Aberdeen Proving Grounds and other Maryland installations as part of a major military buildup. 

Maryland is already preparing for an influx of thousands of soldiers and their families. Housing is a primary concern, of course, but so are schools, roads, utilities, and all the services that families and businesses need. Maryland has created a special state task force to examine the BRAC issues and prepare for them. Lt. Gov. Anthony Brown is head of the task force, but the day-to-day work is led by Asuntha Chiang-Smith who is the Executive Director. The Bowie resident is used to working in a military setting; she’s the wife of a former Marine, and understands the issues when moving military families.  

Beginning in December 2010, some 4,300 well-paid and well-educated employees of the  Defense Information Systems Agency will start transferring from Arlington, Va., to Fort Meade. In addition, 4,000 or more new employees will go to the National Security Agency, Fort Meade’s largest tenant. Along with the military and other federal employees there will be government contractors and the support staff to provide all the services that any organization needs for thousands of employees. It is estimated that, at the peak of the process, there might be as many as 200 new jobs a week. And, of  course, the influx will include the families of all those workers. The BRAC process will go on for several years with people moving to different areas of Maryland.  

What does this mean for the real estate market? Clearly there will be need for housing in a variety of price ranges, from basic affordability to high-end luxury. We believe that over the long term, the housing market in Maryland, and especially in the central area including Anne Arundel, Prince Georges, and Howard Counties, will be strong. Keep in mind that the "Special" Ed Haraway team, with more than 20 years of experience in the local market, will bring you the latest developments as we all learn what the BRAC means for our area. And as always, "The Realtors Who Treat You Special!" are here to serve you whether you are buying or selling your home or an investment property. Give us a call at 301-262-5255 or go to our web site at www.MarylandHomeHunter.com.

You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.