Industry News

California real estate construction falls

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Despite a large decline in housing starts during August, due in part to a fee increase in Riverside County, housing construction is expected to remain bullish for the remainder of 2005 and into 2006, the California Building Industry Association reported. CBIA Chief Executive Officer Robert Rivinius said that was good news for the economy but the numbers still portend bad news for prospective home buyers because it means the supply of new homes and apartments will continue to fall short of the demand. A total of 16,522 building permits were issued in August statewide, down 11.1 percent compared to July and down 10.6 percent from August 2004, according to figures compiled by the Burbank-based Construction Industry Research Board. Single-family housing starts in August totaled 12,850, down 8.5 percent from July and down 4.6 percent compared to August 2004. CIRB said the biggest factor in the drop-off in single-family construction was a fee increase in Riverside County – the state...