The Charlotte metro is doing a better job than many U.S. cities in meeting pent-up demand for new housing, according to a recent article at Forbes.com.
In fact, the Queen City area came in fourth among 53 metropolitan statistical areas across the country for having added the most stock over the last several years relative to the number of existing units in 2010. Forbes says in its article, titled “Cities Doing the Most to Address the U.S. Housing Shortage,” that Charlotte issued a total of 55,731 permits between 2011 and 2014. That amounted to a 7.1 percent increase over the city’s housing base in 2010.
Most of the permits were for single-family homes, with the city granting 35,536 in that category. Multifamily permits made up the remainder, with 20,195 delivered.
Austin, Texas, led the way for new housing, issuing 71,000 permits for new housing from 2011 through 2014, an amount equal to 11.5 percent of the city’s housing supply in 2010. The new permits were split almost evenly between single-family and multifamily construction.
Following Austin, the top 10 cities were, in order, Raleigh; Houston; Charlotte; Orlando, Florida; Nashville, Tennessee; Dallas; Oklahoma City; Jacksonville, Florida; and Seattle.
Forbes says it is important to note that metros are becoming denser as they expand. While Charlotte had more single-family than multifamily permits issued, it still came in 15th in the nation when Forbes considered permits issued solely for apartment construction.
Forbes says some of the multifamily growth has concentrated near the nation’s recently revived urban cores. That is particularly true for Charlotte, where recent construction near the city center has included Crescent Resources’ 296-unit Crescent Dilworth on Morehead Street, NRP Group’s 298-unit Loft 135 on Morehead and Church streets, and Terwilliger Pappas’ 184-unit Solis Dilworth at Morehead Street and Kenilworth Avenue.
In addition, permits were issued this year for 1010 W. Trade St., the 300-unit Gateway apartment project near the Gateway Village development; Crescent Communities’ Stonewall Station complex that will feature up to 450 upscale apartments on East Stonewall Street; and 525 S. Church St., a 394-unit tower to be developed by Childress Klein above the Mint Museum in Uptown.
Forbes says the top metros for expanding their housing base are largely areas that have enjoyed the greatest job and population growth. They also generally offer better housing affordability.
The magazine says the smaller and older industrial cities with little population growth fared the worst in meeting new-housing demands. Providence, Rhode Island, for example, barely boosted its supply by 1 percent from 2001 to 2014. Other low-ranking areas include Hartford, Connecticut; Cleveland; Detroit; Milwaukee; Chicago; and Rochester, New York.