05/22/2018

Housing construction is on the rise in California, but it’s still not enough

Housing construction jumped last year across California, adding new supply in a state grappling with a persistent housing shortage, according to data released Monday.

The state’s housing stock increased by 88,562 units, while the population rose by 334,578 residents — or one new home for every 3.78 new residents, data from the Department of Finance showed.

Developers are now adding homes, relative to population growth, at a far higher pace than in recent years. But it’s still below what experts believe would be enough to keep up with California’s growing population, which topped 39.5 million last year.

View Article