Multifamily Home Construction Outpaces Single-Family for the First Time in CA

"California's population grew to 37.9 million last year, and though the rate of growth was small, counties in the Bay Area led the state in the rate of new residents moving in, according to a report by the state Department of Finance."

One surprising factor in that growth: With 23,801 units built, "[f]or the first time, the number of multifamily dwellings constructed in the state outpaced the number of single-family homes last year, with most of those multifamily units built in the big cities, according to the finance report."

"Much of the growth statewide was due to new births," adds Wyatt Buchanan. "More people continue to leave the Golden State than come in from other parts of the United States, with a net loss of around 66,000 last year."

"But foreign immigrants coming into California outpaced that, with a net gain of about 84,000, according to the finance report."