Latest news with #MeredithArchie
Yahoo
08-02-2025
- Business
- Yahoo
Here's NC's projected housing deficit over the next 5 years — and a silver lining
Even with a post-pandemic construction boom, North Carolina is struggling to build enough houses for its surging population, new data shows. The number of households in the state is projected to increase by 5% (218,160 households) between 2024 and 2029, according to analysis by Bowen National Research. The result: an estimated housing gap that will grow to 764,478 units — 322,360 rental units and 442,118 for-sale units, the report found. The findings highlight 'the barriers and gaps' in housing across the state, said Meredith Archie, president of the N.C. Chamber Foundation, who unveiled the report at N.C. Chamber's west Raleigh office earlier this week. It should be used 'to inform both local and statewide policy discussions and solutions,' she said. The report — commissioned by N.C. Chamber, North Carolina Home Builders Association, and NC Realtors — examined rental and for-sale housing supply inventory and demand in each of the 100 counties for a five-year projection period. Among other key findings: The state has an overall for-sale availability rate of .8%. — 'well below the 2% to 3% range of a healthy market.' Only nine counties, representing less than 10% of the state's counties, have a median list price under $200,000. The statewide vacancy rate for multifamily rental units is 5% — within the 'healthy market' range of 4%-6%. Affordable rental programs show 'near-zero' vacancies. Over 44,000 households are on waitlists for affordable rental housing. The report's analysis offered a silver lining. Mike Walden, a distinguished professor and extension economist with NC State University, examined the economic impact of closing the housing gap in North Carolina. Constructing these units (both rental and for-sale) would generate an estimated $489 billion in 'aggregate economic impact,' or gross domestic product (GDP), he said. It would also create nearly 2.2 million jobs in the state. That's a staggering figure when compared to the annual GDP of the entire North Carolina economy, which was $788 billion in 2023, he said. 'Of course, the construction required to close the state housing gap would require several years of activity,' Walden said. Ultimately, it will require a collaborative approach, said NC Realtors president John McPherson. 'One that brings together business, community, state and local elected officials,' he said. It may also require land-use policy changes at the state level to allow for higher-density building, said North Carolina Home Builders Association executive vice president Tim Minto. 'The numbers don't lie. We need to do this,' he said. 'This is a statewide crisis.' To read North Carolina's Housing Supply Analysis and Economic Impact Report, go to
Yahoo
07-02-2025
- Business
- Yahoo
Statewide report: ‘North Carolina faces a significant housing inventory gap'
A mixed-income housing project under construction in Durham. (Photo: Greg Childress) North Carolina is facing a significant housing inventory gap across all income levels and geographic regions, according to a statewide report commissioned by the NC Chamber Foundation, NC REALTORS and the N.C. Homebuilders Association. The report, which was released this week, predicts the gap will increase with projected job and population growth. Addressing the gap could generate $489 billion in economic activity and create nearly 2.2 million jobs, the report said. 'Addressing North Carolina's significant housing supply gap is more than just meeting immediate demand; it's a critical investment in our state's future,' NC Chamber Foundation President Meredith Archie said in a statement. 'With projected population and job growth, accessible and available housing is essential to supporting our communities, strengthening infrastructure, and creating an environment where both workers and businesses can thrive.' The report details rental and for-sale housing supply inventory in each of the state's 100 counties for a five-year projection period from 2024 to 2029. Eighty counties have projected increases in the number of households, with the largest percent increases projected to occur in Brunswick (15.3%), Johnston (12.2%), and Currituck (11.3%) counties. Wake and Mecklenburg counties are projected to have the largest numerical increases in new households, totaling 41,241 and 35,676, respectively. Meanwhile, 20 counties have a projected decrease in the number of households, with individual declines that range from less than 0.1% (Vance County) to 3.0% (Northampton County). The research group Bowen National Research conducted the Housing Supply Gap analysis. Mike Walden, an emeritus professor of agricultural economics at NC State and a private consultant, conducted the economic impact analysis. Here are the report's key findings: The number of households in the state is projected to increase by 5% (218,160 households) between 2024 and 2029. North Carolina faces a five-year housing inventory gap of 764,478 units (322,360 rental units and 442,118 for-sale units). The state has an overall for-sale availability rate of 0.8%. This is well below the 2%-3% range of a 'healthy' market. Only nine counties, representing less than 10% of the state's counties, have a median list price under $200,000, making it likely that many lower income households, including first-time homebuyers, have difficulty finding affordable homes to purchase. The statewide vacancy rate for multifamily rental units is 5%. This is within the healthy market range of 4%-6%, but affordable rental programs show near-zero vacancies and over 41,000 households are on waitlists for affordable rental housing. 'The data and key findings of the housing study underscore not only the pressing need but also the urgency of implementing tangible solutions to bridge the housing inventory gap at all income levels across the state,' said NC REALTORS 2025 President John McPherson. The report concludes that North Carolina is too large, has too many differences among rural, urban and suburban areas and too many regional socioeconomic variations to develop a one-size-fits-all solution for all regions. 'However, there are many broad housing efforts that housing advocates across the state could consider when making efforts to address housing issues in the state,' the authors wrote. The authors made these recommendations: Educate the public, including decision-makers, on the housing characteristics, challenges and opportunities in North Carolina. Research other communities and states on possible approaches to address housing Issues. Encourage municipalities and counties to develop individual housing plans. Support efforts to preserve existing housing and encourage new residential development. Encourage local housing advocates to build organizational capacity. Leverage data from this statewide housing study to encourage and attract residential development. 'This report demonstrates the urgency of policy changes needed for housing and the financial benefits for the community and all levels of government,' said North Carolina Home Builders Association Executive Vice President Tim Minton.
