Industry News

Real estate construction falls in California

But housing starts still expected to hit 15-year high in 2004

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Production of new single-family homes across California slowed slightly in May but continued to exceed the pace set a year ago, according to statistics released today by the California Building Industry Association. May's housing starts report (as measured by building permits issued) showed that permits for single-family homes in California totaled 13,490, down 4.8 percent from April but 6.3 percent above the same time period in 2003. Total housing permits – including permits for the volatile multifamily market – numbered 17,352 in May, down 3 percent from the month before and down 4.8 percent from May 2003. Alan Nevin, CBIA's new chief economist, said housing production for the first five months of the year strongly indicate that California housing starts this year will be at the highest level since 1989. "It is highly likely that California will break the 200,000-unit level this year, exceeding the 192,000 of 2003. To date this year (through May), single-family unit...