A study by the SRS Community Reuse Organization (SRSCRO) projects that an eight-county region will need to add more than 17,350 new housing units by 2030, an increase of 43% housing development needed annually. That is triggered by an anticipated 16,256 new jobs by 2030.
The study was conducted in partnership with Georgia Power and KB Advisory Group. It encompasses Richmond, Columbia, McDuffie, and Burke counties in Georgia, and Aiken, Allendale, Barnwell, and Edgefield counties. The goal is to evaluate current housing trends along with expected job creation over the next five years.
“The goal of the study is simply to give us a framework that we can use as a call to action,” Robbie Bennett, President and CEO of SRSCRO, told ABD. “Let’s find a way to let each community, be it city or the county, let them cherry-pick what makes sense to their community, so that they can keep their community unique in the way that the leadership wants, but still addressing the regional demand.”
The study looked at the eight-county region as a whole, but it also broke down the current status and projected needs in each individual county. It looked at demographics, community feedback, economic indicators, and the projections for economic development.
“It just verifies what we’ve been telling everybody,” said Cal Wray, President and CEO of the Augusta Economic Development Authority (AEDA). “We’ve had a lot of job creation. We have a lot of growth in a lot of sectors. We need the housing to supply for the workforce.”
While agreeing with Wray, Will Williams, President and CEO of Western SC, said what was eye-opening is that these numbers are anticipated in just five years.
“We’ve all known anecdotally that we need housing. People are moving here, but we need housing, and housing that people can afford. I see what’s being done in Aiken County in terms of developments popping up everywhere, and growth in others. I just didn’t realize the velocity that there was,” he said.
The study broke down housing types by category, ownership or rental units, and price. The majority of the 1,500 people who responded to the survey had a preference for single-family, detached housing, either large lot, medium lot, or small lot.
It identified the largest gaps in the supply of existing housing:
- Rentals under $1,000 per month (1,687 new units needed)
- Homes priced between $100,000 and $200,000 (1,157 new units needed)
- Homes priced between $200,000 and $300,000 (1,771 new units needed)
There are common barriers to new developments impacting all eight counties. Those include infrastructure limitations, shortfalls in water and sewer capacity, and regulatory challenges such as zoning codes restricting what types of housing can be built where.
The study also looked at the financial numbers, both wages and housing affordability. It found that there will always be a need for affordable housing for lower-income households.
“It’s the essential workers,” said Geoff Koski, President of KB Advisory Group. “These are the folks that are struggling the most, and these are the folks that are at the heart of your economy.”
It is hoped that the data for each county creates common ground to address housing demand while preserving each community’s unique needs and character.
In the months ahead, SRSCRO wants to work with local economic development leaders and chambers of commerce to hold a series of meetings to explain the findings. It will also ask for input on what communities need to address how to meet the challenge of creating affordable and desirable housing in each county.
“The industry across this region is in growth mode. We are in one of the biggest economic renaissances of our region’s history,” said Bennett.
The full report is available for download at www.srscro.org/housingstudy
