The population of Southeast New Brunswick has been growing rapidly in recent years and the supply of housing has fallen behind according to an economic update from 3+ Corporation.

Economic analyst Maria Fernandez said although the rate of construction has been climbing, it has not been keeping pace with growth.

“Residential units have been increasing in the last three years. The numbers have been really good. But the reality is that we are behind.”

Fernandez said the recent census also showed the housing stock is not increasing at the level it should be.

“We need to keep supporting the construction market specifically for new residences, and particularly for affordable ones which we are lacking.”

According to the 2021 census data, the growth of dwellings over the previous five-year period in Southeast New Brunswick was 4.0 percent while it was 5.6 percent in the Moncton census metropolitan area (CMA).

Looking five years ahead and if population and construction growth remain the same, Fernandez noted the Moncton CMA will need 6,324 more dwellings (16.8 percent more than what was built between 2016 and 2021) and Southeast New Brunswick will need 8,344 more dwellings (10 percent more than what was built between 2016 and 2021).