Industry News

October housing production drops in California

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The California Building Industry Association reported a 46.8 percent statewide drop in building permits issued for new single-family homes in October compared to the same month last year, and permits for the first 10 months of the year are down 30 percent compared to the same period last year. Meanwhile, permits for multifamily units increased 28.4 percent in October compared to the same month last year, and were up 6 percent for the first 10 months of the year, the association also reported. In all, there were 10,520 building permits issued for new single-family and multifamily housing units in October, which is 10.7 percent lower than September and 29 percent lower than October 2005. Total new building permits issued for the first 10 months of the year dropped 21 percent compared to the same period last year. Alan Nevin, CBIA chief economist, said in a statement that new-home construction in California is expected to continue cooling off for the rest of the year, and he predicts...