Chico, CA

Chico is a city located in the northern portion of the state of California. The population was 116,942 at the 2010 census, making it the fifth largest city in California. Chico is part of the Sacramento metropolitan area.

The city's economy is based on agriculture, education, government services, and light manufacturing. The major industries are health care and social assistance, food processing and distribution, printing and publishing, professional and business services, technology and engineering services.

Chico was first settled by Native Americans around 1797. It became a stop on the overland route from San Francisco to Sacramento during the late 19th century. In 1868 Charles Fitch established a mill near what is now downtown Chico to produce flour for use by settlers heading to the gold fields in Northern California. The town grew rapidly with influxes of miners and their families during the Gold Rush era. By 1870 there were 1,000 people living in Chico; by 1880 there were 4,000 people living in Chico; by 1890 there were 10,000 people living in Chico; and by 1900 there were 25,000 people living in Chico (Galloway).

In 1887 Charles Ebbets established an ice company that became one of the largest employers in Chico through World War II (Galloway). Other early businesses included a blacksmith shop (1889), two banks (1890), a creamery (1892), two newspapers (the " Chico Enterprise" founded 1892 and "The Record" founded 1895), three churches (Episcopal Church founded 1884; Presbyterian Church founded 1889; Congregational Church founded 1893) as well as numerous other small businesses such as grocery stores and restaurants ( Bishop & Cook).

The construction of Interstate 5 through Northern California beginning in 1964 led to an increased demand for housing within commuting distance of work sites throughout Greater Sacramento Area which has resulted in significant growth within both urbanized areas such as West Sacramento/ Roseville/Arden-Arcade/ Davis which had seen modest population growth since 1970s but also suburbanization outside these core cities including Rancho Cordova/ Folsom/ Sacramento eastward into rural areas where housing prices have been increasing faster than average wage levels due to proximity to job centers while still retaining some small town character reminiscent of earlier decades when many residents commuted daily into larger cities for work or school instead of residing within walking distance from their place of employment or study like today's millennials who are increasingly choosing urban neighborhoods with high quality public transportation options.)

Since 2000 real estate prices have increased more than sevenfold statewide while median household income has only grown about threefold according to data from Zillow although median rent prices have increased more than fourfold statewide according to data from Trulia although incomes vary significantly across regions within California due largely to differences in local cost-of-living factors) In 2007 JLL estimated that commercial real estate values had increased 127% since 2002 while residential property values had increased 256%. In 2009 CBRE reported that commercial real estate values had risen 115% nationally between 2006-2008 while residential property values rose 257%. According to market research firm Reis Inc., office vacancy rates averaged just 2% nationwide at year end 2008 but reached 6% nationwide at year end 2009 due primarily to weak economic conditions within certain markets such as Washington D.C., New York City boroughs including Brooklyn & Queens & Manhattan southward into Florida where office vacancy rates approached 20%, Chicago where office vacancy rates approached 15%, Southern California including Orange County northward into Arizona where office vacancy rates approached 12%, Philadelphia where office vacancy rates approached 10%, Dallas where office vacancy rates approached 9% while rental yields remained relatively strong averaging approximately 6%-7%. However despite high levels of overall demand pressure has been exerted on certain markets particularly those experiencing weak economic conditions resulting lower occupancy levels even though rents continue increase albeit at a slower pace) . Accordingto market research firm Reis Inc.,office vacancies averaged just 2% nationwide at year end 2008 but reached 6% nationwide at year end 2009 due primarily to weak economic conditions within certain markets such as Washington D.C., New York City boroughs including Brooklyn & Queens & Manhattan southward into Florida where office vacancy rates approached 20%, Chicago where office vacancy rates approached 15%, Southern California including Orange County northward into Arizona where office vacancy rates approached 12%, Philadelphia where office vacancy rates approached 10%, Dallas where office vacancy rates approaches 9% while rental yields remained relatively strong averaging approximately 6%-7%. However despite high levels of overall demand pressure has been exerted on certain markets particularly those experiencing weak economic conditions resulting lower occupancy levels even though rents continue increase albeit at a slower pace) .