Forbes.com just compiled its annual list of America’s Fastest-Growing Cities by ranking the 100 largest metro areas and their surrounding suburbs. For its rankings, they factor in population growth for 2015 and 2016, year-over-year job growth for 2015, the metro’s economic growth rate, unemployment, and median annual pay for college-educated workers in the area. Austin, TX topped Forbes’ list as the fastest-growing population and economy, and San Francisco came in second.
- SF 2015 population growth rate: 1.24%
- SF 2016 projected growth rate: 0.77%
The City’s current population is project to be 865,913. A growth rate of 0.77% translates into approximately 6,600 more residents that will be moving to the City this year. Although some of these new residents will be housed in developments currently under construction, there will still be a shortfall. According to the SF Planning Department figures for new-housing development pipeline, there are about 8,700 housing units currently under construction with occupancy expected within the next 1-2 years. It seems clear that new housing construction will yet again lag population pressure this year.