Industry News

California housing starts plunge nearly 20%

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Total starts of California's single- and multifamily housing dropped 19.5 percent in March from the same period a year ago, the California Building Industry Association announced Tuesday. According to data compiled by the Construction Industry Research Board, total housing starts, as measured by building permits issued, totaled 16,119 in March, down from 20,027 in March 2005. In March, permits were pulled for 10,902 single-family homes statewide, down 25.8 percent from March 2005. Multifamily housing starts -- condos and apartments -- totaled 5,217, down 2.2 percent from March 2005. Layne Marceau, 2006 CBIA chairman and a San Francisco Bay Area home builder, pointed out that even with extremely wet conditions in many parts of the state, total production for the entire first quarter is less than 8 percent below the robust numbers posted in 2005, which was the second-highest production year since 1989. "The housing market has cooled from the levels of the past couple of year...