Get the Latest Housing Stats from LOREDC
The housing market at the Lake of the Ozarks has changed dramatically in the last couple years, and LOREDC is focused on helping those who are ready and able to meet that challenge. One way we do so is by providing resources and information like the 2022 Lake of the Ozarks Housing Study. When it comes to housing development, it is essential to know the demographics of the people needing housing. Available housing for the workforce necessary to serve the community is a pre-requisite to workforce retention and growth, as well as business and economic development at Lake of the Ozarks. So a housing study was necessary to provide real numbers and data on what type of housing is needed most and where.
Importance of a Housing Study
The Lake of the Ozarks Regional Economic Development Council (LOREDC) represents a three-county region at the Lake of the Ozarks, Camden, Miller, and Morgan counties, and the communities within. Our focus is to coordinate, promote, and initiate regional economic developments efforts to bring economic growth and cohesiveness to our communities. To get a full understanding of the housing needs for people working in all sectors, LOREDC partnered with adjoining Lebanon Economic Development Corp. to include Laclede County data. Housing development is an essential aspect of effective economic development. Without available, affordable, and quality housing, regions and individual communities will be challenged to plan for and fulfill the demand for a variety of housing types. It is imperative for decisions made to be based on empirical data to enable good investment decisions to increase the supply of housing. necessary to not only expand the region’s economic capacity, but to also maintain the current level of commerce supplied by the labor market.
Background on the Housing Study Update
The Lake of the Ozarks region supports a diverse economy which includes tourism-based businesses like recreation, entertainment, and retail trade, as well as manufacturing, construction, healthcare, and education. The Lake of the Ozarks region overall has experienced a slight population growth over the last decade based on the most recent census data, a deep shortage of housing and quality housing choices impairs further population growth needed to fill job vacancies. The demand is now varied by location, size, and type, though most places in the Lake region share similar shortages now. Collection and delivery of the most current data about the mismatch of housing supply and demand has been exacerbated by recent pandemic effects to our area and the timing of the 2020 census count. It is estimated that our region experienced an unprecedent influx of people, evident from the increases in demand for products and services, very high housing sales velocity across price ranges and types, tax revenues, and the like. All of this accentuates the gap in meeting the region’s housing demand documented in the original 2016 housing study.
How to Use the Lake of the Ozarks Housing Study Update
This Housing Study Update showcases the demands, deficits of
supply, and investment opportunities across different housing classifications
in the Lake of the Ozarks region. Housing availability, due to demand-driven
scarcity and current market pricing, is a tremendous barrier to continuing
workforce retention and expansion, and business recruitment for the area. Since
the start of the pandemic, areas with strong natural amenities and attractions
appear to be growing. Individuals that can work from anywhere are choosing
places where quality of life options are the strongest. The Lake region is feeling
that impact, accelerating the absorption of housing of all types. It should be
noted that access to high-speed internet and quality of the school districts
can impact a family’s decision to relocate even if jobs allow for this
flexibility. The Lake region boasts highly rated and comprehensive school
districts and post-secondary programming. Further, multiple providers deliver
high speed broadband via fiber to the home or coax, increasing coverage
annually, permitting successful Work From Home and distributed operations
strategies in the Lake region. In the fall of 2021, LOREDC re-engaged the
consulting firm, RDG Planning and Design, to update the 2016 Lake of the Ozarks
Regional Housing Study. This revised and fortified housing study considers
information collected from: • the 2020 census, and • new residential
construction numbers of 2017 through 2021 This update utilizes the current data
to create new projections for future regional housing demand.
At Lake of the Ozarks Regional Economic Development Council, we know that housing is a huge challenge in the Lake of the Ozarks area, and how that can have a domino effect on the workforce availability and more. We also know that challenge represents a very viable market when it comes to housing development at Lake of the Ozarks. We hope you found this blog to be helpful and we encourage you to see the full report on our website. To stay informed of what is going on with LOREDC you can scroll to the bottom of the home page on our website and sign up for email alerts. Be sure to follow us on social media using the links below to hear all the latest news and information from LOREDC.
Comments
Post a Comment