BRAC and Maryland

 

Base Relocation and Closure is an issue that will affect Maryland over the coming years that you may not have heard of. Essentially, the US Military has excessive bases throughout the country, so the government decided that bases would be consolidated, and that some bases would be closed. While this is having negative affects in some localities due to losing a large population and job center, these changes are good news for Maryland, because the state's military bases are expanding rather than closing. A detailed analysis of each county affected is what follows, allowing you to be aware of how the real estate market of each may be affected by these changes. BRAC real estate investment information is important because it will keep you ahead of the curve.

Howard County is going to be the most heavily affected county in the state, by virtue of the fact that Fort Meade is located within the county and is experiencing substantial growth, somewhere in the area of 22,000 jobs by 2015. These new residents will obviously begin their search for homes, rentals, and apartments within the county. With Howard County real estate essentially in a buyer's market, the infusion of a large number of new residents could greatly push up demand for homes and fundamentally change the balance of buyers to sellers in the county. This means that it is a good idea to look for good deals before the largest part of the influx of buyers, and a good idea for those with investment properties to start selling after the influx of buyers begins, around 2010-2011. You can monitor the county's updates on the situation, as well as schedule a growth presentation on the Howard County government's BRAC site, here. Beyond the obvious increase in the number of people living in the county, there will be construction on Fort Meade and in the surrounding areas to help accommodate the extra personnel. This economic activity will help to keep the local economy strong, even with recent downturns in construction of new homes.

Baltimore county is similarly position to provide housing for new personnel at Fort Meade. This is due to the area's lower average cost of living, and the proximity of the base to Baltimore County's border. But more than this, the county is also home to a number of military contractor services, due to its proximity to Aberdeen Proving Grounds and Fort Meade. The county is creating incentives for contractors and consultants, ensuring that Baltimore County will benefit a great deal from the BRAC, although there will need to be expansions of the availability of some resources, such as water, but even this is simply a chance to invest in the construction companies that call the county home. The county is also considering plans to expand the MARC Train system as a means to make getting to and from Aberdeen Proving Grounds easier. This is sure to help even with the non-military development of the county, because it will make the commuter train system more broad and the lines will all be new. As the last several months have demonstrated, consumers are increasingly relying on alternative forms of transportation, so building up this infrastructure is a simple way to offer residents access to new markets and jobs.

Baltimore City, located further north than the county, receives comparatively less in population from the bases, but is preparing for investment in high end property for Fort Meade transfers looking for higher end accommodation. As well, the city provides a large number of services to residents of its suburbs, and as such is preparing for an increase in regular traffic, both by car and public transportation, as base members travel into the city for various reasons. Because of this, the city will see an increase in commerce, but not necessarily a great influx of residents. They are preparing a large number of infrastructure building projects that will help to offer some economic growth, but overall the city will see less of the residential and more of the business traffic coming from the new residents.

Anne Arundel County, which borders Howard County and Baltimore County, and which is extremely close to Fort Meade, is another area likely to receive a large influx of residents due to the expansion of the base. The county predicts an increase of 9,000 to 14,000 jobs over the next six years due to the base's development, many of which are high tech jobs servicing the base, and all of which will contribute to the local economy. The combination of additional population and new jobs will provide a great deal of economic growth for the county, which is already home to a number of important economic sectors for the state. BRAC real estate investment is also sure to be an influence on the economy of the county. The county also has a great deal of room to grow, ensuring it will be a great place for future investment, because their efforts at planning and harnessing this growth will likely have a sustained long term benefit.

Prince George's County is in a similarly beneficial position as the other counties, mostly due to an influx of jobs from Andrews Air force Base. The base is located in the southern portion of the county due to its proximity to the District of Columbia, and the base is growing by a substantial amount over the next six years. Due to the high cost of living in DC and the other surrounding suburbs, it is likely a very large number of the new Maryland residents assigned to the base will live in PG County. This will result in a large boost for the local real estate market, especially around 2010-2011. These new residents will create jobs in all sectors of the economy because they will be using services and spending their income within the state. The base itself will be growing, which will help keep construction companies going locally, which has a peripheral benefit down the road, ensuring that if demand increases enough, there will be enough services to build new homes in the event that BRAC real estate development is necessary. Overall the county is set to receive several thousand new employees, but with the increase in activity and importance for the base, there will be a greater impact than just the residents moving to the county. In light of this before the BRAC real estate investment is a good idea.

In Conclusion BRAC real estate development is an important concept to understand, because it affects so many different localities in Maryland. Between Fort Meade and Andrews Air force base, the new residents, the infrastructure building, and an increase in support services, the BRAC is a surefire path to economic growth within the state. The individual counties are going out of their way to accommodate these new residents, so if you wish to offer any specific services to new residents through the BRAC system, you should contact your local county government and they will inform you of any opportunities or needs that they are aware of. In the end, this will be a source of great growth for the state in a time of general economic downturn.