(Cleveland) - According to new figures from the Downtown Cleveland Alliance, more people are living in the business district than ever before.

The downtown's residential population has reached an all-time high of 12,500. 

The Alliance's Michael Deemer says downtown is booming with more people deciding to live there, and demand for new apartments and condos is growing.

Deemer tells Newsradio WTAM 1100, residential occupancy has hit 98.3%, the highest level in the past year.

He explains, more than 1,000 residential units are under construction and are projected to become available by the third quarter of 2016. Deemer reports, an additional 1,100 apartments are being planned.

He says business is good at downtown hotels, with an average occupancy at 75%.

Deemer reveals that the most of downtown's residents are between the ages of 23 and 34 years, but the number of occupants between 55 and 64 years is increasing dramatically.

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(Photo by Ken Robinson/WTAM)