Capital Region added 2,800 Housing Units in 2023, 3rd Most in NYS
The Capital Region had New York’s third largest annual gain in housing units in 2023, according to a Center for Economic Growth analysis of U.S. Census Bureau estimates.
Between July 1, 2022 and July 1, 2023, the Capital Region saw its estimated number of housing units increase by 2,788 (0.5 percent) to 540,480. That was the third largest annual increase among New York’s 10 economic development regions, trailing New York City ( 27,749) and the Hudson Valley (6,394).
For example, one new housing project is Industrie Apartments, a five-story building with 80 studio, one-, and two-bedroom units located at 745 Broadway in downtown Albany developed by The Rosenblum Companies. Industrie Apartments is the first all-electric mid-rise multifamily building in the Capital Region. Amenities include a 24-hour fitness center, rooftop sky deck with outdoor kitchen, pet spa, private storage units, and onsite parking, as well as amenities for a more sustainable lifestyle like indoor bicycle storage with tuning station.
Industrie Apartments in Albany. Courtesy Rosenblum Companies.
“The Capital Region has been a bright spot for population growth within New York State. A healthy job market combined with relative affordability and high quality of life has helped the region buck the overall trend of population loss for New York,” said Brie Pilgram, a broker and regional manager for Howard Hanna Real Estate Services. Demand remains strong, outpacing the supply of available single family housing units. With more buyers in the market than existing homes available, new construction has been key to providing the opportunity of homeownership.”
The new-home Forest Grove community, by Belmonte Builders in Saratoga Springs
Among the Capital Region’s eight counties, Saratoga County added the most housing units over the year, increasing by 1,190 (1.1 percent) to 113,278. That was the state’s ninth largest annual gain for a county. Albany County had the region’s next largest annual gain of 898 (0.6 percent), ranking 11th in the state. Columbia County added had the region’s smallest year-over-year increase in housing units, though in 2023 it reached a 15-year high in single-family building permits.
Since April 1, 2020, the Capital Region has added 8,365 housing units. That puts the region on track to reach the Capital Region Economic Development Council’s target of 26,600 more housing units by 2030, as laid out in its 2024-2028 Strategic Plan. However, with regional building permitting activity reaching a 12-year low in 2023 for single-family units, that average annual growth rate may slow in the near-term.
CEG Initiatives
CEG is working to attract to the region more talent and create even more demand for the region’s new and existing housing stock. CEG launched a talent attraction campaign in April 2021 using the CapNY brand. The talent campaign works collaboratively across target industry sectors and organizations to attract and retain talented, diverse people who want to live in New York’s Capital Region because of its lifestyle and opportunity.
The CapNY website – GoCapNY.com – and its associated social media channels are key elements of CEG’s talent campaign, which markets New York’s eight-county, million-resident Capital Region as a destination of choice, specifically highlighting its quality of place. To achieve these objectives, CEG is also targeting out of market social media placements, piloting outreach to universities and colleges to engage students and local companies to engage interns, as well as connecting regional companies and HR professionals to tools for recruitment.
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