Housing development lags behind Puget Sound region population projections
The Puget Sound region needs nearly 700,000 new housing units by 2044 and current production is not on track to meet those needs, according to a report released last week by the Washington State Department of Commerce.
Statewide approximately 1.1 million new homes are needed, which breaks down to about 50,000 new units per year, said Dave Andersen, managing director of Growth Management Services for the department of commerce. Currently, about 45,000 units are being developed per year.
“We are running a bit short statewide,” he said.
Andersen says the market’s reaction to the Great Recession housing market crash is one of the issues that set housing production back while the population was growing. The state has been trying to catch up ever since.
https://www.bizjournals.com/seattle/news/2023/03/08/seattle-housing-development-lags-behind-demand.html