Business/In Brief • May 6, 2014
Oahu growth outpacing housing supply
HONOLULU – Oahu’s population is growing much faster than its housing supply.
To catch up with demand, developers would have to build about 2,000 more homes each year than they do now, Eugene Tian, a Hawaii economist, told the Honolulu Star-Advertiser.
His calculations assume 1 percent population growth on the island and 2.8 people per household. Whereas Tian figures Oahu would need about 3,525 homes a year to match demand, the island issued an average of 1,612 new permits a year from 2011 to 2013.