2014 Downtown Economic Profile Shows Increase in Home Values, Incomes
More young and affluent people are continuing to move into Downtown Long Beach’s growing residential offerings, according to the Downtown Long Beach Associates 2014 Economic Profile released last month.
Over the last few years, the report—which is released annually—has charted the area’s population increase through quantifiable data on the now 30,000 people who call Downtown home.
Since 2000, the average income has increased more than 76% and in 2011, the average resident was described as being “a young, educated professional with higher than average earning potential,” a trend that has continued through 2013. Because of the continuing increase in household incomes in Downtown, in the last year, retail spending within a five-mile radius of Downtown has increased by $100 million.
Home prices Downtown have also increased since 2000 and according to the report, single-family home prices went up 35.7% and condo prices went up by 47.1% between February 2013 and February 2014 alone.
Residential development seemed to be more of a focus of this year’s report. In 2013, more developers than ever invested in Downtown and the Economic Profile listed four entitled residential developments that are currently underway, bringing 670 new units in the coming years.
A map also offered more than a dozen potential development sites around Downtown, including many city-controlled properties such as the former L.A. County courthouse and parking lots on Long Beach Blvd., The Promenade and Pacific Ave.
“Downtown Long Beach is experiencing economic growth and is well-positioned for business and residential investment,” said Kraig Kojian, President and CEO of the DLBA. “The Economic Profile makes a data-driven case for doing business in Downtown Long Beach.”
According to the report, 173 businesses opened in Downtown Long Beach last year, among them start-up tech companies, Crossfit gyms and restaurants along visible Pine Ave. DLBA’s latest economic development campaign continues this push towards a diverse mix of new business, asking entrepreneurs, developers and business owners to think of the term ROI not as “return on investment” but “Realize Opportunity and Invest.”
With so many residential properties in development and more than 6.1 million visitors coming to Long Beach each year, the city’s waterfront Downtown is more bustling than ever. And as the DLBA’s annual economic profiles prove, continued growth is inevitable.
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