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They were leaving in droves. Heading, east, north and south, looking for a more affordable place to live following the dot-com bust.
But, according to a report from the Brookings institute, more people moved into the San Francisco Metropolitan Area than moved out last year. That’s good news for the economy and the housing market in Pleasanton, Dublin, San Ramon and the rest of the Tri Valley.
The recession has made Americans less mobile, while it also reduced housing costs for those who preferred to live where they grew up.
The overall rate of U.S. migration has reached its lowest point since World War II, which most demographers say is a symptom of economic troubles. At the same time, the flat-footing of residents could be a boon for some regions, especially cities, if they take advantage of it, he said.
Five years ago, California faced a net loss of more than 41,000 college graduates who moved to other states. In contrast, the state faced a small net gain of more than 4,000 college graduates last year.
Unlike other parts of the country, California and most of its cities never faced population declines this decade. While tens of thousands of people moved east to other counties and states, they were replaced by a steady flow of international migrants.
California’s appeal to foreigners continues, though international migration to the state dropped significantly last year.
The Bay Area has taken its lumps in recent years, with the dot-com bust, high home prices and California budget crisis. Add to that the overall recession and things have been rough. But I believe California will remain a destination for many people in the years to come. As the economy improves, the combination of great weather, a strong local economy, great universities, unequaled opportunities for leisure pursuits, and wonderful places to live will continue to draw people into Pleasanton, Dublin, San Ramon and the rest of the Tri-Valley. How many places in the country can you ski in the morning, and be at the beach in the afternoon? And besides, we have two professional football teams (okay, one professional team and one mess of a franchise run by a loony owner who seems to be stuck in the 1970’s). The Bay Area will always be a destination for the upwardly mobile, and Silicon Valley will likely be the engine that drives it.
The Great California Exodus Slows