![]() The Phoenix-Mesa-Chandler metro area ranks on a list of 15 metro areas nationally for housing construction growth, says a new report. At the same time, according to the report, Arizona and Colorado have seen housing growth in the 6% to 8% range over the last decade, putting them behind Texas with a massive housing increase of more than 16%, but far ahead of most of the states of the Midwest. Such figures, released by the San Francisco-based financial technology company Stessa, also show New Mexico with a housing growth rate of 4% to 6%, on the low side for most of the states of the West. But no states can complete with the 18% to 20% housing unit increase seen in both Utah and North Dakota. On the low side of the scale, Michigan and West Virginia had a less than 2% growth rate. Of the top 15 large metro areas experiencing the most growth, nearly all were located in either the South or West. The Stessa report put the Phoenix-Mesa-Chandler metro area at number 15, noting it’s 11.4% increase in housing units since 2010. The total number of housing units in metro Phoenix as of 2010 stood at 1.7 million. That number, by the end of 2020, was up to just under 2.0 million. Metro Phoenix was also singled out in the Stessa report for a 19.1% increase in population. “Record low interest rates, strong savings rates and wage growth, and shifting consumer preferences for housing were among the conditions that spurred high demand for residential real estate over the last 2 years,” the report notes, while adding that a “slowdown in the housing market could portend a recession later this year or in 2023.” By Garry Boulard
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