State Releases Housing Demand ProjectionsPosted on Apr 2, 2015 in News
For Immediate Release: April 2, 2015
DBEDT News Release 15-02
HONOLULU—The Research and Economic Analysis Division (READ) of the State Department of Business, Economic Development & Tourism (DBEDT) today released an economic study titled “Measuring Housing Demand in Hawaii, 2015-2025.”
The study projected a demand level of between 64,700 and 66,000 additional housing units in the State over the next ten years (2015-2025). 60 percent of the demand will be on the neighbor islands due to the faster growth in population in the neighbor island counties than in Honolulu. In its long range population projection study, DBEDT projected that the neighbor islands will account for 57 percent of the population growth between 2015 and 2025.
“With an annual average of 3,325 residential units authorized between 2008 and 2014, our housing supply has not kept up with the demand,” stated DBEDT Director Luis P. Salaveria. “We need to find solutions to increase Hawaii’s supply of housing so residents at all income levels can afford a home.”
The forecasted demand for additional housing units by county is 25,847 units for Honolulu, 19,610 for Hawaii, 13,949 for Maui, and 5,287 for Kauai, between 2015 and 2025.
The housing demand projections were made by looking at the historical trends and future growth in households by age groups, vacant units for sale and for rent, and the demand for second and vacation homes. Analysis on the supply of housing is not included in this study and will be addressed in future studies.
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For more information, contact:
DBEDT Research and Economic Analysis Division
Phone: (808) 586-2466