A new analysis of housing production in Greater Boston suggests that, despite the forest of cranes across the area, the region is still well behind targets aimed at meeting the region’s demand for shelter.

The 2021 Greater Boston Housing Report Card, part of a series produced every year by The Boston Foundation, the Massachusetts Housing Partnership and the UMass Donahue Institute, shows that the region is only producing about half as much as it would need to be able to add 185,000 new housing units by 2030.

That goal was laid out in 2016 by the Metropolitan Mayors Coalition, a group representing leaders of most cities and towns within and along Route 128.

The Baker administration laid out its own goal in 2017 of seeing 135,000 housing units built in Massachusetts by 2025. That target, which the report’s authors called “relatively modest,” will likely be met if the current pace of building keeps up, the report said citing Census Bureau building permit data.

The report notes that Greater Boston produced less housing in 2019 than either the New York City, Washington, D.C. or Seattle metro areas, helping fuel tight purchase and rental markets pre-pandemic, the former of which has only heated up since then and the latter looks set to return to pre-pandemic conditions.

The report notes each of Greater Boston’s five constituent counties has rental and homeowner vacancy rates less than half of what might be considered a “healthy” market. The greatest disparities are in Middlesex County’s for-sale market and Plymouth and Suffolk counties’ rental markets.

The report’s authors blame restrictive zoning in Greater Boston’s suburbs, noting that most of the recently permitted units can be found in a handful of towns and cities, including Boston.