PROVIDENCE – The capital region, including Warwick, has the third-lowest homebuilding rate among large metro areas across the U.S., according to a new report by the Inspection Support Network.
To determine its rankings, researchers at the home inspection website analyzed data from the U.S. Census Bureau’s Building Permit Survey and Zillow’s Home Value Index. Researchers ranked metro areas according to the number of new housing units authorized per 1,000 existing homes in 2021.
Researchers also calculated the number of new housing units authorized per 1,000 existing homes in 2019, the total new housing units authorized in 2019, the percentage change in housing units authorized from 2019 to 2021, and the current median home price.
Only metropolitan areas with available data and with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into the following cohorts based on population size: small metros: 100,000 to 349,999; midsize metros: 350,000 to 999,999 and large metros: 1,000,000 or more.
The Providence-Warwick area was ranked 51st among the 53 large metro areas researched. New housing units authorized per 1,000 existing homes there in 2021 was 2.9 compared to 2.5 in 2019. Total new housing units that were authorized in 2021 was 2,258, compared to 2,048 housing units authorized 2019, a 10.3% increase.
Hartford, Conn. metro area, which includes East Hartford, Conn., and Middletown, Conn., was ranked 53rd. New housing units authorized per 1,000 existing homes there in 2021 was 2.9 compared to 2.5 in 2019. Total new housing units that were authorized in 2021 was 1,508, compared to 1,263 housing units authorized 2019, a 19.4% increase.
The Austin, Texas metro area saw a 58.9% growth in housing units authorized between 2021 and 2019, with 50,907 in 2021 compared to 32,037 in 2019. New housing units authorized per 1,000 existing homes in 2021 was 27.9 compared to 23.1 in 2019.
The Boston metro area, which includes Cambridge and Newton, was 36th, the highest any New England area. New housing units authorized per 1,000 existing homes there in 2021 was 8.4 compared to 7.8 in 2019. Total new housing units that were authorized there in 2021 was 16,602, compared to 15,088 housing units authorized 2019, an increase of 10%.
The full report can be found here.
(UPDATES throughout with number of new units per 1,000 existing homes.)
