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Philadelphia Sees Record Housing Production
Philadelphia is in the midst of its "largest construction boom since World War II," according to a new report, with 80 percent of that growth concentrated in Greater Center City and its surrounding areas.
According to the Center City District, the area gained 2,810 new housing units in 2018—its greatest annual increase since 2002. The fastest growing neighborhood is Northern Liberties, where population grew 62 percent between 2000 and 2017.
Alfred Lubrano reports for the Philadelphia Inquirer that millennials, along with "New Yorkers fleeing high real estate rates, as well as empty nesters from the Philadelphia suburbs," are moving into the city center and driving the boom in housing construction.
While significant for Philadelphia, the growth is "modest" compared to other cities. But it does reveal several other market and demographic trends unfolding in the city, Lubrano notes. For example: Since 2010, 72 percent of new housing has been multifamily (10,660 apartment units compared to 4,143 condos and single-family homes). And despite an influx of suburbanites, Philadelphia actually loses 7,000 more people to suburbs each year than it gains.