The California Department of Finance recently showed that the top four cities in the state saw a rise in local populations. Los Angeles broke four million, increasing its number of residents in 2016 by more than 40,000 people. While San Diego saw a smaller number of people flocking to it, over 15,000 new people decided to call it home. It is the second largest city in the state.
Construction to accommodate these residents increased: The report noted that 89,000 units were completed throughout the state. This was a 31 percent year-over-year growth. The majority of units built were multi-family housing, continuing the previous year's trend.
This rise in housing may entice current residents living in San Francisco - which is quickly becoming crowded with a pricey housing market - to consider other places to live. According to a migration report issued by Redfin, 20 percent of San Francisco residents are looking at greener pastures. Sacramento is the top searched-for destination for those in the Bay Area.
As the populations in California cities continue to expand, construction firms can expect to build more residences to accommodate them.