Industry News

New-home construction slows in California

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New-home production slowed slightly in July, but building permits for single-family homes remained more than 10 percent ahead of the first seven months of 2003, according to numbers released by the California Building Industry Association. While the 12,323 building permits issued for single-family homes in July was 13.7 percent less than the previous month, July's figures were 1.5 percent greater than July 2003. For the first seven months of the year, 90,712 permits were issued for single-family homes, up 10.6 percent from the same period in 2003. For the year, 149,000 permits for single-family homes are expected to be issued, the largest amount since 1989 and the third-largest number in the past 25 years, according to projections by the Construction Industry Research Board. Construction of multifamily homes – condominiums and apartments – has slowed, however. Just 3,567 permits were pulled in July, down 37.6 percent from June and down 12.3 percent from July 2003. For...