Central Ohio Faces Slowing Growth Due to Housing Shortage
• Central Ohio job growth slowing, only expected to add 9,800 jobs in 2023 (0.9% growth rate), underperforming national forecast of 1.5% • Population growth slowing due to rising housing costs; region shifting from net importer to net exporter of people domestically • Home prices and rents growing faster in Columbus than national average • Not enough new housing being built - needs 15k-16k new units per year but only adding 11k per year currently • Without more housing, price/rent increases will continue, limiting population and job growth