BOSTON (AP) -- A new report is estimating that the greater Boston area will need another 435,000 new housing units by 2040 to lure new workers and accommodate an aging population.
The report issued by the Metropolitan Area Planning Council said the new housing -- mostly multifamily and in urban areas -- is key to ensuring the economy will keep growing by drawing in talented younger workers.
If current demographic and housing trends continue, according to the report, the region's population will grow by less than 7 percent over the next three decades and be decidedly older.
While the population age 65 and older may increase by more than 80 percent, the working-age population will remain essentially unchanged.
Without an influx of new workers, the number of jobs in the region could grow by less than 1 percent from 2010 to 2040.