Housing Construction In California Struggles To Keep Up With Population Growth
Source: mpamag.com | Re-Post MNM Partners. LLC 5/18/2017 –
Housing construction in California surged last year, but still couldn’t keep pace with the state’s growing population, according to the Los Angeles Times.
Data from the state’s Department of Finance reported California’s housing stock rose by 88,562 units while the population grew by 334,578 residents, which is equivalent to one new home per 3.78 new residents.
Last year, California’s population grew to 39.5 million.
Economists say that developers need to build enough houses to keep up with the state’s average household size of three people per home. In order to match that number, California needs to add around 23,400 more homes than it did in the previous year.