Industry News

California housing starts rise in January

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If current trends hold, California home builders will break the 200,000-unit barrier this year for the first time since 1989, the California Building Industry Association announced Tuesday. According to figures compiled by the Construction Industry Research Board in Burbank, builders began work on 14,292 homes and apartments in January, up 0.7 percent from January 2003 but down 10.7 percent from December 2003. However, on a seasonally adjusted basis, total housing production climbed 2.4 percent from December and 4.9 percent from January 2003. For single-family homes, housing starts totaled 11,135 in January, down 3.3 percent from December and down 3.4 percent from January 2003. Seasonally adjusted, however, production rose by 13 percent from December and up 1.2 percent from January 2003. And given that the demand for homes remains at high levels while supply remains extremely low, CIRB now projects that production will reach 202,000 this year – still well below the 230,000 t...