LB3 Enterprises, Inc. Moves More Than 2-Million Cubic Yards of Dirt and Rock on Terracina Mass Grading Project in Lake Elsinore By Brian Hoover, Senior Editor
ccording to data from the state Department of Finance demographics unit, approximately 103,000 new housing units were built in California in 2020. That represents an 8% increase from the previous year, with an approximate 50/50 balance between single-family homes and apartments. Home prices continue to rise throughout the nation, as median home price margins have increased in California’s Inland Empire by double-digit percentage gains since July 2020.
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Low interest rates and high demand have been driving prices up for the past year, with the Inland Empire’s median price being $529,000 as of July 2021. That is a 26% increase from the same time last year, with home sales being up 19% within the same period. Based on data from the Census Bureau, there were 7,132 permitted units in the Inland Empire through the first six months of this year. That is up 17% from 6,103 units over the same period in 2020. While these figures may seem impressive, they still
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represent a substantial shortfall in supply relative to demand. The Inland Empire population is expected to grow by 9% within the next year, nearly double the 4.8% growth average projected for the State as a whole. This means the Inland Empire region will grow from 4.7 million in 2021 to 5.1 million in 2030. That is an increase of 400,000 people, so where are these individuals and families going to live? Conservative estimates suggest that California is currently over a million homes C A LCO N T R AC TO R .CO M
