The city of Claremont has been growing by 6% annually for the past five years. Currently, the city's population is 700,000. Most importantly, the greatest population increase is in southwest Claremont which is the city's most affluent area. The population of southwest Claremont has grown by 20% the past two years. The 80,000 residents of the area have an average income of $200,000 and the average home is valued at $350,000. The new construction in southwest section of the city is valued at 600 million dollars in home sales next year alone. Growth in the area has also generated increase remodeling of existing homes. Last year, remodeling projects were up 20% over the previous year and accounted for $20 million paid for remodeling services in the area.