Wednesday, June 19, 2024
Hawai'i Free Press

Current Articles | Archives

Sunday, April 3, 2022
Honolulu job growth outpacing new housing supply 32-1
By Selected News Articles @ 1:33 AM :: 1911 Views :: Hawaii Statistics, Labor, Cost of Living

Metros where job growth outpacing new housing supply

Stacker, March 29, 2022 (excerpt)

We’ve all heard tales about how tough it can be to find—let alone afford—housing in cities like New York or San Francisco. When the demand far outweighs the available properties in a given area, costs get artificially driven up and it becomes commonplace for many people to be forced out into the suburbs to find housing, only to be stuck in long commutes to and from work each day.

In a normal market, there’s typically a six-month supply of houses. While we typically think of huge metro areas like the aforementioned cities when we consider housing shortages, the truth is a shortage of housing can happen anywhere and in any type of market. All it takes is a local issue, like strict zoning laws—or one major event, such as a global pandemic—to cause a housing shortage.

A perfect storm of pandemic factors since 2020, including record-low mortgage rates and more mobility for remote workers, have caused widespread housing shortages from busy metropolitan areas like Los Angeles to small cities in the middle of Indiana or Michigan. Supply chain issues, a lack of labor forces, and building materials shortages have exacerbated the issue. Housing shortages have led buyers and investors to pull out all of the stops in order to land housing contracts, making the market even more competitive. Sellers, on the other hand, reap the benefits of getting multiple offers over the asking price….

#15. Urban Honolulu, Hawaii

– Job-to-housing permit ratio: 32.3
– New jobs added between August 2020-August 2021: 34,600 (420,500 total employment)
– Single-unit housing permits issued between August 2020-August 2021: 1,072

Honolulu has had a housing shortage for decades. Unlike the other cities or metro areas on this list, much of the shortage here is due to wealthy buyers purchasing vacation homes that sit vacant for large parts of the year, leaving little inventory for new and existing residents.

Other factors, from low mortgage loan interest rates to the remote-work shift, have also led newcomers to relocate to picturesque Hawaii. This has led to high demand for housing and high prices that incentivize investors to sell—but the rate at which new construction homes are built, the high cost of building materials, and a lack of labor force make it tough for builders to keep up with demand. Another issue frustrating the housing shortage crisis is the fact that Hawaii residents can only develop homes on 5% of Hawaii’s landmass….

read … Full Report

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii