Phoenix Business Journal: AZ No. 2 in housing growth over past decade

Phoenix Business Journal by DiAngelea Millar

Date: Thursday, October 6, 2011, 12:25pm MST

Arizona is the No. 2 state in the nation for the growth of total housing units from 2000 to 2010, according to new U.S. Census Bureau data.
Arizona had 30 percent more housing units in 2010 than it did in 2000. Only Nevada had a higher growth rate, at 42 percent. Arizona had nearly 2.2 million housing units in 2000 and more than 2.8 million last year.
Nationwide, there was 13.6 percent more housing inventory in 2010 than there was in 2000.
Despite an increase in available housing, Arizona is one of eight states with high homeowner vacancy and high rental vacancy rates. In 2010 Arizona had a 4 percent homeowner vacancy rate and a 13 percent rental vacancy rate. However, Phoenix ranked sixth for percentage of renter-occupied units in 2010 with 42.2 percent.
The U.S. Census Bureau found that the national homeownership rate is the highest on record at 65 percent.
Housing inventory grew the most in the South and West. All of the states with the largest percent increases, including Arizona, were in the South or West. The West grew by 17.3 percent to 28.6 million units in the past decade.
The national housing inventory increased by 15.8 million units or 13.6 percent, which is smaller than the numbers found for the West.