Many of my clients ask my why I think Boston has held up so well compared to other large markets such as parts of California, Florida and Nevada. I always tell them that the main reason is the small amount of new supply being brought to market.
Between April of 2000 and July of 2000, Massachusetts only gained 113,439 housing units resulting in a total housing stock increase of 4.3 percent. The national increase was 11.4 percent. We ranked 46th in the country for total housing growth staying ahead of only Wyoming, Alaska, Vermont, and Rhode Island. Just for comparison sake, Florida, the largest growth state, increased their housing stock by 1.5 million!
Our slow but steady approach to new construction has helped us weather the economic downturn. This isn’t to say that we still aren’t hurting but we were some of the last areas to be affected and I feel we are pulling out of the recession quicker than most.
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