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3. EMPLOYMENT AND HOUSING TRENDS Recent Development Trends Pleasanton is located in the Tri-Valley region of the San Francisco Bay Area at the crossing of two major freeways, I-680 and I-580. Its 2016 population was about 77,000 residents and roughly 63,000 jobs. The City's evolution into a regional hub for single-family ownership housing, office, and retail space has been driven by its strategic location, high quality of life, BART expansion, and effective land use policies. Pleasanton experienced significant job growth during the 1980s with the creation of Hacienda and Bernal Corporate Park, among others, while maintaining an active downtown. Since 2000, the City's population grew by 18 percent, as shown in Table 2. Average annual population growth has been consistent at about 1.0 percent a year. The City's incomes, however, have continued to increase, partially due to continuous attraction of higher income households attracted to the area by its high quality of life. The vast majority of new housing construction in the City has remained as single-family development during the early 2000s, reinforcing the lower density orientation of Pleasanton's housing stock. However, as shown in Table 3, permitting data suggests a notable shift to higher density multifamily units in recent years. Table 2 Pleasanton Demographic Factors (2000-2016) Item Year Change 2000 2010 2016 2000-2010 2010-2016 2000-2016 Avg.Annual Avg.Annual Avg Annual Total Rate Total Rate Total Rate Population 63,654 70,285 75,916 6,631 1.0% 5,631 1.3% 12,262 11°/ Median Household Income($2018) $90,859 $115,188 $130,170 $24,329 2.4% $14,982 2.1% $39,311 2.3% Sources:DOF;ACS;EPS Economic& Planning Systems, Inc. 5 P,151000s151111Pleasantonfee\PeportWorda.p Housing\151111 CommfexusStudy_0226I8 docx