According to a recent article on Bisnow, construction in the San Fernando Valley keeps chugging along despite talks of an impending recession. The gross domestic product of the San Fernando Valley has increased by 4.3% annually between 2014 and 2018, dominating Ventura, Los Angeles and Orange County. That growth is supported by projects ranging across asset classes, from new hotels, office buildings and retail spaces to renovations at healthcare centers, schools and museums.
Additionally, the article states, “year-over-year job growth in the Valley hit 2.4% in 2018. But in construction, employment ballooned by 6.7%.”
“As big cities continue to become too expensive for young professionals and new families, people are fleeing into suburban areas such as the San Fernando Valley. This trend has created the need for new hotels, office buildings, healthcare centers and schools in the area. Additionally, the 2028 Summer Olympics that will be hosted in Los Angeles have driven the need for infrastructure updates and new commercial construction throughout LA County despite concerns of an upcoming economic downturn.”
To learn more about construction in the San Fernando Valley, read Bisnow’s original article.