Industry News

Residential real estate construction slows in California

Single-family housing starts down 22% from a year ago

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Single-family housing starts have declined 27.2 percent for the first five months of the year compared to the first five months of 2005, according to a report by the California Building Industry Association, and starts were 22.4 percent lower in May 2006 than in May 2005. Housing starts increased 2.6 percent from April to May this year, and starts for the year are expected to be the fourth-highest annual total in the past 17 years, the association reported. In May, permits were pulled for 11,576 single-family homes statewide, and single-family permits have increased each month this year, according to statistics compiled by the Burbank-based Construction Industry Research Board. Condo and apartment starts increased 7.4 percent from April to May this year to a total of 3,687, and starts were up 6.4 percent for the first five months of the year compared to the first five months of 2005. But multifamily starts fell 16.9 percent in May 2006 compared to May 2005. Overall for the month of M...