Industry News

New-home production grows in California

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California's home builders continued to post strong gains in housing starts in November, the California Building Industry Association announced today. New housing units as measured by building permits issued totaled 17,460 for the month, up 2.5 percent from October and up a resounding 31.4 percent from November 2003. Of that total, 10,922 units were single-family homes and 6,538 units were apartments and condominiums. Single-family production rose 15.1 percent compared to November 2003, falling 3.8 percent from October 2004. Multifamily starts, meanwhile, rose by 72.5 percent compared to November 2003 and 15.2 percent compared to October. During the first 11 months of 2004, construction began on 191,493 homes and apartments, an increase of 11,856 (6.6 percent) compared to the same period a year ago. Of those, 139,112 were single-family and 52,381 were multifamily units. The single-family total represented a 9.3 percent increase from the previous year, while multifamily production ...