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By Jonathan Lansner<\/div><\/div>\n

Calif., Fla. and other states continue to struggle to keep their homebuilding apace with a growing workforce. This imbalance helps fuel higher home prices.<\/span><\/span><\/span><\/p>\n<\/div>\n

ANAHEIM, Calif. \u2013 Real estate\u2019s secret sauce remains \u201cjobs, jobs, jobs,\u201d but\u00a0California\u00a0and other states continue to struggle to keep their homebuilding apace with a growing workforce.<\/span><\/span><\/span><\/p>\n

California\u00a0builders filed permits for 1.1 million\u00a0housing\u00a0units from 2010 through 2022\u2019s first quarter, according to\u00a0U.S. Census Bureau\u00a0stats. This might surprise you: It\u2019s the third-largest homebuilding total nationwide behind\u00a0Texas\u00a0and\u00a0Florida<\/strong>.<\/span><\/span><\/span><\/p>\n

In the same period,\u00a0California\u00a0bosses added 3.1 million more workers \u2013 No. 1 among the states, says the\u00a0Bureau of Labor Statistics.<\/span><\/span><\/span><\/p>\n

That imbalance creates a\u00a0California\u00a0\u201chomebuilding hole\u201d of 2 million fewer\u00a0homes\u00a0created than workers added. And that hole equals 12.6% of the state\u2019s 15.6 million workers, the No. 2 share in the nation.<\/span><\/span><\/span><\/p>\n

This chasm is a critical reason why\u00a0California\u00a0home\u00a0prices are up 102% since 2010, the eighth-largest increase among the states, according to a\u00a0Federal\u00a0Housing\u00a0Finance Agency\u00a0index.<\/span><\/span><\/span><\/p>\n

More hiring than building is by no means a\u00a0California\u00a0oddity.<\/span><\/span><\/span><\/p>\n

Let\u2019s look some of the nation\u2019s largest homebuilding holes, ranked as a share of a state\u2019s total employment. These states have some of the best-performing economies in the nation and also have solid reputations for their homebuilding prowess.<\/span><\/span><\/span><\/p>\n

No. 1 Utah: 267,203 permits filed since 2010 (No. 15 nationally) trailing 478,600 more jobs (No. 12). That\u2019s a 211,397 hole or 15.1% of jobs. Prices? Up 119% since 2010, No. 3.<\/span><\/span><\/span><\/p>\n

No. 3 Idaho: 139,804 permits (No. 30 nationally) trailing 215,400 more jobs (No. 25). That\u2019s a 75,596 hole or 11% of jobs. Prices? Up 130% since 2010, tops in the nation.<\/span><\/span><\/span><\/p>\n

No. 4 Nevada: 180,864 permits (No. 26 nationally) trailing 317,800 more jobs (No. 20). That\u2019s a 136,936 hole or 10.8% of jobs. Prices? Up 129% since 2010, No. 2.<\/span><\/span><\/span><\/p>\n

No. 5 Georgia: 518,301 permits (No. 5 nationally) trailing 899,700 more jobs (No. 4). That\u2019s a 381,399 hole or 8.9% of jobs. Prices? Up 71% since 2010, No. 16.<\/span><\/span><\/span><\/p>\n

No. 6 Florida: 1.37 million permits (No. 2 nationally) trailing 2.08 million more jobs (No. 3). That\u2019s a 708,167 hole or 8.7% of jobs. Prices? Up 110% since 2010, No. 6.<\/span><\/span><\/span><\/p>\n

And we can\u2019t ignore Texas, ranking No. 10 on this scorecard with 2.05 million permits (No. 1 nationally) trailing 2.89 million more jobs (No. 2). That\u2019s an 832,319 hole or 7.1% of jobs. Prices? Up 97% since 2010, No. 9.<\/span><\/span><\/span><\/p>\n

All told, 32 states including\u00a0California\u00a0and the\u00a0District of Columbia\u00a0had more hiring than homebuilding after the Great Recession ended.<\/span><\/span><\/span><\/p>\n

These states permitted 12 million residences since 2010 as 19.2 million workers were added \u2013 a collective 7.2 million homebuilding hole. The rest of the nation had 500,000 more construction permits than new employees.<\/span><\/span><\/span><\/p>\n

So, it makes sense that these 32 states averaged 74%\u00a0home-price appreciation since the Great Recession vs. 49% elsewhere across the country.<\/span><\/span><\/span><\/p>\n

Here are the 19 states where homebuilding outpaced job creation \u2013 and note the modest home-price growth since 2010: Connecticut\u00a0(24%),\u00a0Delaware\u00a0(33%),\u00a0Mississippi\u00a0(36%),\u00a0New Jersey\u00a0(36%),\u00a0Alaska\u00a0(36%),\u00a0West Virginia\u00a0(37%),\u00a0Louisiana\u00a0(37%), New Mexico\u00a0(42%),\u00a0Vermont\u00a0(43%),\u00a0Iowa\u00a0(47%),\u00a0Wyoming\u00a0(50%),\u00a0Oklahoma\u00a0(52%),
\nKansas\u00a0(54%), Minnesota\u00a0(58%),\u00a0Maine\u00a0(62%),\u00a0North Dakota\u00a0(67%),\u00a0Nebraska\u00a0(68%),\u00a0Hawaii\u00a0(69%), and\u00a0South Dakota\u00a0(73%).<\/span><\/span><\/span><\/p>\n

Jonathan Lansner\u00a0is the business columnist for the\u00a0Southern California News Group.<\/span><\/span><\/span><\/p>\n

\u00a9 2022 MediaNews Group, Inc., The Orange County Register. Distributed by Tribune Content Agency, LLC.<\/span><\/span><\/span><\/p>\n<\/div><\/div>\n

Go to Source<\/a>
\nAuthor: marlam<\/p>\n","protected":false},"excerpt":{"rendered":"

By Jonathan Lansner Calif., Fla. and other states continue to struggle to keep their homebuilding apace with a growing workforce. This imbalance helps fuel higher home prices. ANAHEIM, Calif. \u2013 Real estate\u2019s secret sauce remains \u201cjobs, jobs, jobs,\u201d but\u00a0California\u00a0and other states continue to struggle to keep their homebuilding apace with a growing workforce. California\u00a0builders filed permits for 1.1 million\u00a0housing\u00a0units from 2010 through 2022\u2019s first quarter, according to\u00a0U.S. Census Bureau\u00a0stats. This might surprise you: It\u2019s the third-largest homebuilding total nationwide behind\u00a0Texas\u00a0and\u00a0Florida. In the same period,\u00a0California\u00a0bosses added 3.1 million more workers \u2013 No. 1 among the states, says the\u00a0Bureau of Labor Statistics. That imbalance creates a\u00a0California\u00a0\u201chomebuilding hole\u201d of 2 million fewer\u00a0homes\u00a0created than workers added. And that hole equals 12.6% of the state\u2019s 15.6 million workers, the No. 2 share in the nation. This chasm is a critical reason why\u00a0California\u00a0home\u00a0prices are up 102% since 2010, the eighth-largest increase among the states, according to a\u00a0Federal\u00a0Housing\u00a0Finance Agency\u00a0index. More hiring than building is by no means a\u00a0California\u00a0oddity. Let\u2019s look some of the nation\u2019s largest homebuilding holes, ranked as a share of a state\u2019s total employment. These states have some of the best-performing economies in the nation and also have solid reputations for their homebuilding prowess. No. 1 Utah: 267,203 permits filed since 2010 (No. 15 nationally) trailing 478,600 more jobs (No. 12). That\u2019s a 211,397 hole or 15.1% of jobs. Prices? Up 119% since 2010, No. 3. No. 3 Idaho: 139,804 permits (No. 30 nationally) trailing 215,400 more jobs (No. 25). That\u2019s a 75,596 hole or 11% of jobs. Prices? Up 130% since 2010, tops in the nation. No. 4 Nevada: 180,864 permits (No. 26 nationally) trailing 317,800 more jobs (No. 20). That\u2019s a 136,936 hole or 10.8% of jobs. Prices? Up 129% since 2010, No. 2. No. 5 Georgia: 518,301 permits (No. 5 nationally) trailing 899,700 more jobs (No. 4). That\u2019s a 381,399 hole or 8.9% of jobs. Prices? Up 71% since 2010, No. 16. No. 6 Florida: 1.37 million permits (No. 2 nationally) trailing 2.08 million more jobs (No. 3). That\u2019s a 708,167 hole or 8.7% of jobs. Prices? Up 110% since 2010, No. 6. And we can\u2019t ignore Texas, ranking No. 10 on this scorecard with 2.05 million permits (No. 1 nationally) trailing 2.89 million more jobs (No. 2). That\u2019s an 832,319 hole or 7.1% of jobs. Prices? Up 97% since 2010, No. 9. All told, 32 states including\u00a0California\u00a0and the\u00a0District of Columbia\u00a0had more hiring than homebuilding after the Great Recession ended. These states permitted 12 million residences since 2010 as 19.2 million workers were added \u2013 a collective 7.2 million homebuilding hole. The rest of the nation had 500,000 more construction permits than new employees. So, it makes sense that these 32 states averaged 74%\u00a0home-price appreciation since the Great Recession vs. 49% elsewhere across the country. Here are the 19 states where homebuilding outpaced job creation \u2013 and note the modest home-price growth since 2010: Connecticut\u00a0(24%),\u00a0Delaware\u00a0(33%),\u00a0Mississippi\u00a0(36%),\u00a0New Jersey\u00a0(36%),\u00a0Alaska\u00a0(36%),\u00a0West Virginia\u00a0(37%),\u00a0Louisiana\u00a0(37%), New Mexico\u00a0(42%),\u00a0Vermont\u00a0(43%),\u00a0Iowa\u00a0(47%),\u00a0Wyoming\u00a0(50%),\u00a0Oklahoma\u00a0(52%), Kansas\u00a0(54%), Minnesota\u00a0(58%),\u00a0Maine\u00a0(62%),\u00a0North Dakota\u00a0(67%),\u00a0Nebraska\u00a0(68%),\u00a0Hawaii\u00a0(69%), and\u00a0South Dakota\u00a0(73%). Jonathan Lansner\u00a0is the business columnist for the\u00a0Southern California News Group. \u00a9 2022 MediaNews Group, Inc., The Orange County Register. Distributed by Tribune Content Agency, LLC. Go to Source Author: marlam<\/p>\n","protected":false},"author":4,"featured_media":6506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6505"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=6505"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/6506"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=6505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=6505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=6505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}