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Conditions favored an increase in the ratio of housing stock growth to population growth. That
<br />meant that pent -up demand decreased steadily between 1992 and 2006. Both the 2003 and
<br />2006 Housing Policy Study Updates showed that to be the case.
<br />Components of Housing Stock Growth
<br />Recent housing stock growth was led by significant increases in the number of single - family
<br />homes in all four counties. Statewide, the number of single - family homes went up by 2.5
<br />percent per year between 2003 and 2006. The increase for condominium units was only 1.8
<br />percent per year$.
<br />Table 3. Types of Single Family and Condominium Housing Units in Hawaii Stock, 1990 -2006
<br />Source: Hawaii Tax Map Key records, special tabulations by Hawaii Information Services: SFD & Condo units only.
<br />Pct. Chg. = average annual percent increase between 2003 and 2006.
<br />In Kauai and Honolulu Counties, the growth rates for single family and condominium units were
<br />similar at 2.0 percent and less than 1.0 percent respectively. Hawaii and Maui Counties
<br />experienced greater growth rates for single - family units, in the neighborhood of 3.5 percent per
<br />year. The County of Hawaii growth rate for condominium units was a surprising 6.9 percent per
<br />year between 2003 and 2006.
<br />8 The growth rates for apartments, military housing units, dormitories, and cooperative apartment units were also
<br />high between 2003 and 2006. The method of measuring these units in the housing inventory changed
<br />somewhat between 2003 and 2006, making their comparison difficult to interpret. We look forward to tracking
<br />them effectively in the future.
<br />Hawaii Housing Policy Study, 2006
<br />© SMS, Inc.
<br />Page 10
<br />February, 2007
<br />Difference
<br />2003
<br />2006
<br />Units
<br />Pct. Chg.
<br />City & County of Honolulu
<br />311,466
<br />329,534
<br />18,068
<br />1.8%
<br />Single family homes
<br />150,957
<br />160,686
<br />9,729
<br />2.0%
<br />Condominium units
<br />91,913
<br />94,640
<br />2,727
<br />0.9%
<br />County of Maui
<br />58,358
<br />65,484
<br />7,126
<br />3.7%
<br />Single family homes
<br />34,853
<br />38,993
<br />4,140
<br />3.6%
<br />Condominium units
<br />19,592
<br />20,388
<br />796
<br />1.3%
<br />County of Hawaii
<br />55,014
<br />62,250
<br />7,236
<br />1.3%
<br />Single family homes
<br />47,302
<br />52,703
<br />5,401
<br />3.5%
<br />Condominium Units
<br />7,712
<br />9,547
<br />1,835
<br />7.1%
<br />County of Kauai
<br />24,907
<br />26,871
<br />1,964
<br />2.4%
<br />Single family homes
<br />18,301
<br />19,494
<br />1,193
<br />2.0%
<br />Condominium units
<br />5,653
<br />5,818
<br />165
<br />0.9%
<br />State of Hawaii
<br />453,697
<br />490,711
<br />37,014
<br />2.5%
<br />Single family homes
<br />251,413
<br />271,906
<br />20,493
<br />2.5%
<br />Condominium units
<br />124,870
<br />130,400
<br />5,530
<br />1.4%
<br />Source: Hawaii Tax Map Key records, special tabulations by Hawaii Information Services: SFD & Condo units only.
<br />Pct. Chg. = average annual percent increase between 2003 and 2006.
<br />In Kauai and Honolulu Counties, the growth rates for single family and condominium units were
<br />similar at 2.0 percent and less than 1.0 percent respectively. Hawaii and Maui Counties
<br />experienced greater growth rates for single - family units, in the neighborhood of 3.5 percent per
<br />year. The County of Hawaii growth rate for condominium units was a surprising 6.9 percent per
<br />year between 2003 and 2006.
<br />8 The growth rates for apartments, military housing units, dormitories, and cooperative apartment units were also
<br />high between 2003 and 2006. The method of measuring these units in the housing inventory changed
<br />somewhat between 2003 and 2006, making their comparison difficult to interpret. We look forward to tracking
<br />them effectively in the future.
<br />Hawaii Housing Policy Study, 2006
<br />© SMS, Inc.
<br />Page 10
<br />February, 2007
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