Industry News

Golden State housing starts reach 15-year high

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Housing production in California finally broke through the 200,000-unit barrier in 2004 for the first time since 1989. Even with production at a 15-year high, the state's home builders still did not build enough new homes and apartments to meet housing needs, the California Building Industry Association reported today. According to preliminary year-end data compiled by the Construction Industry Research Board, housing starts as measured by building permits totaled 210,527 during 2004, a 7.6 percent increase over 2003. The total includes 150,344 single-family homes (up 8.3 percent from 2003) and 60,183 apartments and condominiums (up 5.7 percent). To put the numbers into context, 2004 marked only the third time since 1980 that single-family production exceeded 150,000 homes, and was the most housing starts since 1989, when 237,747 building permits were pulled. "Production of more than 210,000 units is strong evidence of the confidence in the state's economy as well as the demand fo...