Industry News

California real estate construction picks up

Residential building tops $30 billion so far this year

Construction activity in California is up 11.4 percent for the first eight months of 2004 compared with the same period last year, totaling $52.18 billion, the Construction Industry Research Board reported today. All construction sectors are up year-to-date in California except government-owned buildings construction, which is down 4.4 percent. This downturn was in spite of booming school construction, which is up 11.1 percent or $388.6 million from the same period last year. Heavy construction in the first eight months totals $5.54 billion, up 8.9 percent or $452.6 million more from last year. The largest project reported in August is a $67.8 million freeway project in San Diego County. In addition, a $1.39 billion suspension bridge project in San Francisco is pending. The bid was opened in May but there is no contract award as of yet. Total construction activity for the month of August is $6.64 billion, up 5.2 percent from July and up 10.4 percent from August 2003. All c...