Orange County’s housing market finally responds to sharp decreases in population growth since 2015
Housing completions in Orange County show negative growth for the first time since 2010.
May 01, 2019
- Housing completions in Orange County show negative growth for the first time since 2010. Since the trough of 2010, residential construction completions have increased by 17.3 percent on average but peaked in the years closely following the recession. In 2013, residential completions increased by 62 percent and in 2018, there was actually negative growth of 3.5 percent.
- Although overall [resident] population growth in the region has inched downward, Orange County is still the sixth most populated county in the United States. Moreover, if you take the top 10 most populated counties and compare their land areas, it is the 2nd most densely populated county, only after Queens. In Orange County, there are approximately 3,364 persons per square mile.
- The large population combined with limited land area have created various challenges for the residential construction industry in the market, there is high demand for housing but ability to meet this demand is very restricted. Still, residential construction, especially in the form of multifamily, has been quick to take up the majority of available land. This trend is showing signs of slowing down, however, as population growth has been cooling down for the third consecutive year and construction costs continue to reach all-time highs.
Source: JLL Research Moody’s Analytics, U.S. Census Bureau