Driven by a substantial increase in the multifamily sector, California housing starts surged in August posting a 30 percent increase over the same month a year ago, the California Building Industry Association announced today.
According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,695 total housing units in August, up 30 percent from the same month a year ago and up 96 percent from July. Permits for single-family homes totaled 1,828, down 4 percent from August 2010 but up 20 percent from the previous month, while multifamily permits totaled 2,867, up 68 percent from a year ago and up an astonishing 230 percent from July.
For the first eight months of the year, permits were pulled for 30,128 total units, up 3 percent when compared to the first eight months of 2010 when 29,374 permits were issued. Permits for single-family homes were down 16 percent while permits for multifamily units were up 30 percent.
Mike Winn, CBIA’s President and CEO, said it was great to see some positive news with regard to the state’s housing industry but tempered that enthusiasm with the reality of California’s economic conditions.
“It’s great to see the increase in the overall numbers and we hope to see continued increases throughout the remainder of the year with the hope of improving upon last year’s home building pace,” said Winn. “The fact remains that economic conditions in the state — tight credit for buyers and builders, the glut of foreclosed and distressed properties on the market and high unemployment — are keeping California’s struggling housing industry from experiencing the type of robust recovery we’ve seen in the past.”
Winn called on Governor Jerry Brown to refrain from doing any harm to the state’s housing industry as he wades through the pending legislation on his desk.
“We encourage Governor Brown to closely examine any legislation that might harm our industry’s fragile recovery,” said Winn. “Getting job-generating home construction back to healthy levels would go a long way toward reinvigorating California’s economy.”
CIRB’s 2011 forecast remained at 46,700 total units, which would put this year’s total just a fraction ahead of 2010’s 44,762 units, but still down from 2008’s total of 64,962 units.
Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811.
New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to and I’ll be happy to follow up and take great care of them.
[iframe|centerLat-33.09154|centerLng–116.80114|nwLat-33.43602|nwLng–117.35046|seLat-32.74570|seLng–116.25182|zoom-9|propType-0,1|status-1 750 2500]

Enhanced by Zemanta