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Not Just California: Hiring Outpaces Homebuilding

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"California builders filed permits for 1.1 million housing units from 2010 through 2022’s first quarter, according to U.S. Census Bureau stats. This might surprise you: It’s the third-largest homebuilding total nationwide behind Texas and Florida.

In the same period, California bosses added 3.1 million more workers — No. 1 among the states, says the Bureau of Labor Statistics.

That imbalance creates a California “homebuilding hole” of 2 million fewer homes created than workers added. And that hole equals 12.6% of the state’s 15.6 million workers, the No. 2 share in the nation.

This chasm is a critical reason why California home prices are up 102% since 2010, the eighth-largest increase among the states, according to a Federal Housing Finance Agency index."

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