Yahoo Finance 15 Fastest Growing Cities in California
In this article, we will take a look at the 15 fastest growing cities in California. If you want to skip our discussion on the economy of the state, you can go directly to the 5 Fastest Growing Cities in California.
California, the third largest state in the US by size, is known for its diverse population. The state ranks second only to Hawaii in the United States Census Bureau’s Diversity Index by State for 2020. Furthermore, California holds the title of the most populous state in the US and the eleventh most densely populated state. California is also home to Los Angeles, the second largest city in the US, as well as San Diego and San Jose, which are among the top 12 largest US cities by population.
California is a bustling hub for business, with around 53 Fortune 500 companies. It holds the third position, following New York and Texas, in terms of the highest number of Fortune 500 companies. The state recorded a nominal GDP of $3.9 trillion in 2023. California’s economy is supported by over 1.7 million private-sector businesses as of 2022. These businesses contribute significantly, generating 90% of the state's economic output and creating around 15.6 million jobs.
Silicon Valley, located in the San Francisco Bay Area, is known as the country’s technology hub. In 2023, the 20 largest tech companies in the Bay Area saw a reduction of approximately 7% in the region's workforce, amounting to roughly 18,800 workers. However, despite this decrease, by the end of the year, there was a net increase of about 37,000 individuals employed by technology firms in the Bay Area compared to pre-pandemic levels.
Another measure of the region's well-being is its population dynamics. Silicon Valley experienced a decline in net migration starting in 2015. However, between mid-2022 and mid-2023, the area recorded a net increase of around 1,800 individuals, with more people coming in than leaving. This shift was due to a 52% decrease in the net number of individuals moving away, coupled with a roughly 37% increase in the number of foreign immigrants.
Some of the prominent companies headquartered in California include Apple Inc. (NASDAQ:AAPL), Intel Corporation (NASDAQ:INTC), and Trimble (NASDAQ:TRMB).
Apple Inc. (NASDAQ:AAPL), based in Cupertino, is known for designing, developing, and retailing consumer electronics. The company is currently restructuring its supply chain to minimize emissions and its environmental impact. Apple Inc.’s (NASDAQ:AAPL) global operations are now powered by over 18 gigawatts of clean electricity. This reflects more than three times the amount recorded in 2020. Furthermore, Apple Inc. (NASDAQ:AAPL) aims to restore 100 percent of the freshwater utilized in corporate operations, particularly in areas facing high water stress, by 2030. To achieve this goal, Apple Inc. (NASDAQ:AAPL) has established partnerships to provide around 7 billion gallons of water benefits over the next two decades.
Trimble (NASDAQ:TRMB), formerly known as Trimble Navigation, specializes in producing cutting-edge products used in unmanned defense systems, mapping, machine controls, asset tracking, and mining. One of the company’s flagship offerings is Trimble Connect, which is a cloud-based collaboration platform. It is widely used by people in the design and construction sectors. Trimble Connect offers clients’ data security and facilitates real-time updates across the entire process chain. Headquartered in Sunnyvale, California, Trimble (NASDAQ:TRMB) had approximately 12,700 employees as of 2023.
Intel Corporation (NASDAQ:INTC) was established in 1968. Based in Santa Clara, Silicon Valley, the company is known as one of the world's largest manufacturers of central processing units (CPUs) and semiconductors. Intel Corporation (NASDAQ:INTC) recently introduced its newest AI chip, the Gaudi 3 AI accelerator. The company has positioned the chip as superior to Nvidia's H100. As of 2023, Intel Corporation (NASDAQ:INTC) employed a workforce of 124,800 individuals.
Here’s what Ariel Investments said about Intel Corporation (NASDAQ:INTC) in its Q4 2023 investor letter:
“New holding, Intel Corporation (NASDAQ:INTC), one of the world’s largest semiconductor chip manufacturers by revenue, outperformed in the quarter. Intel is benefitting from the near-term rebound in semiconductor demand driven by the cyclical recovery of personal computers (PCs) and central processing units (CPUs). Shares also traded higher following the company’s Artificial Intelligence (AI) Everywhere launch event. Intel introduced its capabilities across cloud, edge and client hardware and showcased it can benefit from an enterprise upgrade cycle as both cloud-based and traditional enterprises look to incorporate AI features into core technology platforms. In our view, the market is also overlooking the progress Intel has made towards regaining its manufacturing technology advantage and believe the foundry business will continue to experience strong momentum as it grows its customer base and revenue.”
Aerial view of a residential neighborhood in a metropolitan area in California.
Our Methodology
To shortlist the fastest growing cities in California, we used data from the US Census Bureau. These cities have been ranked in ascending order based on the percentage growth in population from 2010 to 2020.
You can also check out the 10 Fastest Growing Cities in Kentucky here.
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15 Fastest Growing Cities in California
15. Fresno
Change in Population: 12%
2010 to 2020 Population Increase: 58,099
Fresno, situated in Fresno County within the San Joaquin Valley, is approximately 190 miles south of San Francisco. The city serves as the headquarters of the Sierra National Forest and also as a gateway to the resort areas of the Sierra Nevada. Fresno is also considered to be one of the best cities in US with great weather for retirees. The cost of living in the city is 21% lower than the average for California. From 2020 to 2021, the median household income in Fresno increased from $53,368 to $57,211, reflecting a 7.2% growth.
14. Oakland
Change in Population: 13.90%
2010 to 2020 Population Increase: 53,737
Oakland is located in Alameda County. The city recorded a population of 430,553 in 2022. The city’s proximity to popular regions like San Jose and San Francisco has pushed up housing prices in the area significantly. The cost of living in the city is 1% more expensive than the state average.
13. Sacramento
Change in Population: 14.20%
2010 to 2020 Population Increase: 65,432
Sacramento is the capital of California and the seat of Sacramento County. The city is mainly flat, but the land around it on the eastern side rises towards the foothills of the Sierra Nevada. Between 2010 and 2020, the city recorded a population increase of 65,432.
12. Lancaster
Change in Population: 15.90%
2010 to 2020 Population Increase: 23,807
Lancaster is a city in Los Angeles County. It lies in Antelope Valley near the western edge of the Mojave Desert. Known for its aircraft, aerospace, and electronics industries, Lancaster is close to Edwards Air Force Base, where many space shuttle landings have occurred. The median property value in Lancaster in 2021 was $303,400, with a corresponding homeownership rate of 55%.
11. Palmdale
Change in Population: 15.90%
2010 to 2020 Population Increase: 23,266
Palmdale is situated in Los Angeles County at the southern tip of Antelope Valley. It was once a small farming community. However, its trajectory changed in the mid-1900s when the city underwent development due to aircraft assembly and electronic research. By the 1990s, Antelope Valley experienced economic expansion, with Palmdale emerging as one of the fastest growing cities. Presently, the city's cost of living is 31% higher than the national average.
10. Chula Vista
Change in Population: 20%
2010 to 2020 Population Increase: 45,873
Chula Vista experienced a 45,873 increase in residents between 2010 to 2020. The city is on the eastern shore of San Diego Bay in San Diego County, southern California. The city was originally a territory of the Kumeyaay Indians. The median home price in Chula Vista stands around $900,000.
9. Bakersfield
Change in Population: 21.60%
2010 to 2020 Population Increase: 71,587
Bakersfield, situated in the San Joaquin Valley, is Kern County's seat. The cost of living in Bakersfield is about 20% below the state average but approximately 10% higher than the national average. The region is known for its agriculture, including grain, alfalfa, and livestock, along with vineyards producing a significant portion of California's wine. Bakersfield also hosts a variety of industries, such as steel, textiles, bedding materials, and electronics.
8. Elk Grove
Change in Population: 24.70%
2010 to 2020 Population Increase: 34,924
Elk Grove, situated in Sacramento County, California, is a part of the Sacramento metropolitan area. As per the 2020 Census, the city's population stood at 176,124. The overall cost of living in Elk Grove is 28% higher than the national average. Serving as an agricultural hub, the city also hosts a significant research and development sector. It is home to various agricultural operations, including large-scale farms and research centers.
7. Victorville
Change in Population: 24.70%
2010 to 2020 Population Increase: 26,722
Victorville lies in San Bernardino County, about 100 miles away from Los Angeles. The city’s climate makes it an ideal place to live and work all year round. Positioned at an elevation of 2,875 feet above sea level, Victorville experiences a dry, high desert climate, providing a diverse range of seasons. The overall monthly cost of living in Victorville is 17% lower than the national average. Victorville is among the top 10 fastest growing cities in California.
6. Roseville
Change in Population: 29.80%
2010 to 2020 Population Increase: 33,953
Roseville, located in Placer County in the Sacramento Valley, is a major center for railways and freight transportation. It also has light manufacturing and technology companies. The cost of living in Roseville is 16% cheaper than the average city in California. The city hosts popular events in spring, like strawberry and kite festivals.
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Disclosure: None. 15 Fastest Growing Cities in California is originally published on Insider Monkey.
