Industry News

Real estate construction slows in California

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Despite a sizeable decline in California's housing starts between June and July, production is still running above the year-ago pace, the California Building Industry Association reported Tuesday. New housing units, as measured by building permits, were down 16.4 percent from June, going from 21,385 units to a total of 17,875 units in July. However, housing starts were up by a robust 8.2 percent compared to July 2004. According to figures compiled by the Construction Industry Research Board, single-family home production dipped 17.1 percent from June to 13,658 starts in July, but that figure was 8.9 percent ahead of July 2004. Multifamily housing starts were at 4,217 units, down 14.2 percent from June but up 5.8 percent compared to last July. The robust production so far this year increases the likelihood that total housing starts for 2005 will be near last year's 212,960, the highest level in 15 years. But CBIA Chief Executive Officer Robert Rivinius, noting the affordability ra...