A study by the Southern Nevada Home Builders Association predicts that Las Vegas is headed towards a housing shortage by the end of 2009. With an over supply of houses for sale, applications for new building permits have plummeted. 12,000 new homes will be built in 2008, almost half of what has been built in the previous few years. However, investment, employment and population continue to grow in the Las Vegas Valley. The study predicts a 3.7% growth in population and a 4.5% increase in employment in 2008. The result will be a shortage of single family houses.