“Energy Costs Accelerating Return to Cities”
The New York Times, June 25, 2008
Today’s New York Times points to further evidence of the waning appeal of exurban living in the age of $4 per gallon gas in Rethinking the Country Life as Energy Costs Rise.
Impresa’s Joe Cortright was quoted in the piece and the CEOs for Cities’ study “Driven to the Brink” was cited as growing proof of this trend.
“‘It’s like an ebbing of this suburban tide,’ said Joe Cortright, an economist at the consulting group Impresa Inc. in Portland, Ore. ‘There’s going to be this kind of reversal of desirability. Typically, Americans have felt the periphery was most desirable, and now there’s going to be a reversion to the center.’
“In a recent study, Mr. Cortright found that house prices in the urban centers of Chicago, Los Angeles, Pittsburgh, Portland and Tampa have fared significantly better than those in the suburbs. So-called exurbs — communities sprouting on the distant edges of metropolitan areas — have suffered worst of all, Mr. Cortright found.”
Read the full story here.