Industry News

Real estate construction permits rise in California

New-home production on pace to break 200,000-unit barrier this year

June was another strong month for new-home production across California, with the number of housing permits issued for single-family and multifamily homes growing substantially over June of 2003, the California Building Industry Association announced Monday. Measured by building permits issued, the number of new single-family homes in California climbed by 14.3 percent in June compared to the same month a year ago for a total of 14,186. The more volatile multifamily market recorded 5,655 new permits in June, a solid 43.1 percent increase over June 2003. In all, there were 19,841 permits issued in June, 21.3 percent more than were issued the previous year. Permits also increased compared to May 2004, with single-family permits up 2.5 percent and total permits rising by 12.2 percent. At the mid-year mark, all housing permits issued in 2004 totaled 104,502, keeping pace with CBIA Chief Economist Alan Nevin's view that the state will likely break through the 200,000-unit level by yea...