Dive Brief:
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A recent population loss of 2,500 residents from New Mexico could have a disproportionate impact on the housing industry there, the executive vice president of the Home Builders Association of Central New Mexico said Thursday.
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John Garcia called the state’s slowly shrinking population “a less-than-zero-sum proposition for homebuilders,” the Albuquerque Business First newspaper reported.
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Garcia said housing starts won’t immediately decline, but continued population loss will mean builders won’t be able to fill the houses and apartments already under construction.
Dive Insight:
Garcia, the former head of Albuquerque’s Economic Development Department, said the state doesn’t have enough millennials and active adults to buy homes and spend money to keep the economy moving forward. He encouraged the state to find ways to import residents in those age groups.