Hyde Landing project promises economic boost for Prince George's County

In a recent government meeting, Dr. Fuller presented an updated economic and fiscal impact analysis for the proposed Hyde Landing development, formerly known as Hyde Field. The analysis, which was amended on July 25, 2023, reflects significant changes in the project, notably the removal of 300 rental apartment units in favor of for-sale condominiums.

Dr. Fuller highlighted demographic trends in Prince George's County, noting a projected slowdown in population growth and a concerning net out-migration of younger residents aged 25 to 34. In contrast, the county is seeing an influx of older residents aged 55 and above, leading to smaller household sizes and changing housing needs. This shift underscores a growing demand for affordable housing options that cater to smaller households.

The economic impact of the Hyde Landing project is substantial, with an estimated $400 million in construction spending projected to generate approximately $550 million in total economic benefits for the county. The development is expected to support over 1,300 full-time jobs during the construction phase and contribute $87 million in payroll to local workers.

Once completed, the 1,288 new households are anticipated to spend around $44 million annually on goods and services, supporting nearly 500 jobs and generating $14 million in payroll. This ongoing economic activity is crucial for the county's businesses and overall economic health.

Dr. Fuller also addressed the fiscal implications of the development, revealing that Hyde Landing would generate a net positive fiscal impact of approximately $3.7 million annually for the county. This figure is particularly noteworthy given that the average household in the county currently generates a deficit of $320.77 in revenue versus expenditures. The new development is expected to alleviate some of this burden, as it will likely attract higher-income residents and include age-restricted units that do not contribute to school enrollment.

Overall, the Hyde Landing project is positioned as a significant economic driver for Prince George's County, promising both immediate construction-related benefits and long-term fiscal advantages once the community is fully occupied. The findings from Dr. Fuller’s analysis will be critical as the county considers the approval of this development.