A housing and commercial building frenzy is coming soon.

A Brookings Institution study, released Monday, projects that about half the homes, office buildings, stores and factories that will be needed by the year 2030 do not exist today.

To serve a population expected to hit 376 million, a 33 percent jump from year 2000 figures, about 60 million housing units will need to be built, and only 20 million are expected to replace aging or destroyed homes.

The report also finds that Arizona will need nearly 2.1 million new housing units built by 2030 to meet the growing population's needs. About 411,000 homes will be lost to age or damage, and the 2030 projected housing total in Arizona is expected to be just under 3.9 million units.

Only California; Texas; Florida; Georgia and North Carolina will need more housing units built through 2030 than Arizona to meet demand.