Oahu population growth outpacing housing supply - Hawaii News Now - KGMB and KHNL

Oahu population growth outpacing housing supply

HONOLULU (AP) - Oahu's population is growing much faster than its housing supply.

Eugene Tian, a Hawaii economist, tells the Honolulu Star-Advertiser that to catch up with demand, developers would have to build about 2,000 more homes each year than they do now.

His calculations assume 1 percent population growth on the island.

Oahu issued about 7,000 housing permits a year in the 1960s and about 6,500 a year in the '70s. During the past three years the island has issued only about 1,600 permits a year.

Developments such as the 5,000 planned condominiums in Honolulu's Kakaako neighborhood are a start. But because towers take years to complete, Oahu's housing deficit will endure in the near future.

The housing supply on the neighbor islands is more balanced.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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