New-home building badly lags demand created as new jobs are added in metro Denver
By: Aldo Svaldi, Denver Post
Metro Denver has constructed 67,403 fewer single-family homes than needed given job gains the past three years, creating one of the most severe new-home deficits in the country, according to a new study from the National Association of Realtors.
Historically, one single-family home is needed for every 1.6 new jobs added in an economy. But metro Denver has added only 24,353 homes to house workers taking 145,892 new positions the past three years, a ratio closer to one home for every six jobs, the NAR said.
“Denver’s job market is solid and is thereby boosting housing demand. However, due to grossly insufficient new home construction, the inventory of homes for sales has dropped to unhealthy levels,” said Lawrence Yun, chief economist with trade group, which represents the nation’s Realtors.
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