Industry News

California’s single-family housing starts plummet

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Despite a significant increase in multifamily housing starts, California's overall residential real estate construction in June was down 10.9 percent from a year ago, the California Building Industry Association announced Friday. According to data compiled by the Construction Industry Research Board, total housing starts, as measured by building permits issued, dropped to 19,175 in June, down from 21,523 in June 2005. Last month, building permits were pulled for 12,292 single-family homes statewide, down 24.9 percent from 16,373 pulled a year earlier. For multifamily housing -- which includes condos and apartments -- 6,883 permits were pulled last month, up 33.7 percent from 5,150 permits in June 2005. In his midyear housing forecast issued at PCBC The Premier Building Show last month, CBIA Chief Economist Alan Nevin said that for the remainder of 2006, new-home construction in California is expected to continue cooling off from 2005's strong production levels as the housing market a...