Because of a typographical error, the projected number of jobs that would be created near Metro subway stations if the full 101-mile system is completed was misstated in yesterday's editions. The correct figure is 260,000. CAPTION: (NEW-LINE)Picture, no caption

Continuing construction of the Metro subway system has helped spawn more than $970 million worth of private development near subway stations, and another nearly $5 billion is contemplated if the full 101-mile subway is completed, according to a new study released yesterday.

If the full subway is constructed, the private development in the vicinity of the subway stops would provide working space for more than 20,000 office, retail and service employes and living space for more than 40,000 residents, according to the report by the Federal City Council.

The council is a 100-member group of D.C. business, professional and civic leaders that has long supported finishing the subway.

The report says that while some of the developments, that have been built or are planned would have occurred without construction of Metro or its completion, the subway is directly affecting the location, timing and type of development.

"Metro is beginning to have an impact," said Michael Brimmer, the report's author. "It seems to be a nice coincidence that public policy (promoting intensive development near Metro stations) and private market forces are coming together."

While Brimmer said therre was no particular significance to the timing of the report, its release comes the week before the House of Representatives' scheduled Monday vote on the $1.7 billion authorization bill for completion of the subway. Federal and local governments have already committed themselves to finance 60 miles of the projected 101 miles and the House bill would authorize completion of the rest. Thirty miles of the subway are now open.

The Federal City Council and the Metropolitan Washington Board of Trade are the chief local groups supporting the completion, according to an aide to Rep. Herbert E. Harris (D-Va.). There is no known organized opposition at the current time.

Brimmer said that the figures used in the study are "overly conservative" and do not include all development that happens to have taken place near a stop.

He said that included in the $970 million worth of construction either completed since the subway opened in 1976 of under construction are only projects where Metro was a "significant factor -- 50 percent or more" -- in the location, timing or type of development.

Brimmer said that Metro officials, developers, local business organizations and government planners were interviewed to help determine if the construction of a particular project was partly related to the location of a Metro station or a prospective subway stop.

The report says that in addition to the construction work related to Metro, the developments will generate unspecified millions of dollars in local revenues from subway fares paid by people going to work or shopping in the buildings and from real estate, sales, income and hotel occupancy taxes.

In the District alone, the report said, more than $50 million in new local tax revenues could be expected from Metro-related development by 1985, not including income taxes.

Brimmer said that Metro has helped generate the development of the International Square commercial and office complex, the 1101 Connecticut Avenue office building, renovation of the Sheration Park Hotel, an urban renewal project near the Federal Center SW subway stop, large office complexes in Crystal City and Rosslyn and a commercial complex at the prospective Dunn Loring station in Fairfax County, as well as numerous other projects.