Industry NewsMarkets & Economy

Mini building boom ends in California

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

California builders pulled permits to build 2,119 single-family housing units in August, the California Building Industry Association said -- about the same number as in July, when builders blamed a sharp decline on the demise of a $10,000 state tax credit for new-home purchases.Looking back a year, single-family housing permits were down 5.9 percent in August, CBIA said, citing statistics compiled by the Construction Industry Research Board (CIRB).Permits issued to build multifamily housing were down 17 percent from July to August, to 792, CBIA said, up from a low for the year of 671 in May, but a 66.5 percent decline from a year ago.Single-family permits remain up 68 percent from February's lows, when builders took out 1,261 single-family permits. But all told, CIRB forecasts California builders will pull permits to build just 39,500 single-family and multifamily units in 2009, which would be the lowest total in records dating back to 1954.In 2004, at the height of the boom, Californ...