Industry News

California real estate construction plummets

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Housing starts fell significantly in November in most parts of California, but starts for the year are on pace with 2004, the California Building Industry Association reported this week. During November, housing starts as measured by building permits issued for single-family homes totaled 9,405, down 17.2 percent from October and down 18 percent from November 2004, according to figures compiled by the Burbank-based Construction Industry Research Board (CIRB). Multifamily starts were up by 34.1 percent compared to October, to 4,616, but down 36.1 percent from November 2004. In all, builders started construction on 14,021 homes, condominiums, and apartments in November, down 5.3 percent from the previous month and down 23.6 percent from November 2004, according to an association announcement. Alan Nevin, chief economist for the builders' group, said the November drop-off was due, in part, to the need of builders to sell homes built or under construction. "The November figures for singl...