Home growth robust in ’05

25 Dec 2019 admin

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORERose Parade grand marshal Rita Moreno talks New Year’s Day outfit and ‘West Side Story’ remake “The slowdown in November will give builders an opportunity to clear out standing inventory,” he said. Multifamily starts jumped 34.1 percent from October to 4,616 permits, but activity was off 36.1 percent from a year ago. The report also showed that: In the Los Angeles/Long Beach area, builders were issued 851 single-family permits, down 19.2 percent from a year ago and up 3.3 percent from October. Permits were issued for 1,471 multifamily units, down 25.7 percent from a year ago and up 35.1 percent from October. For the year’s first 11 months, 23,510 residential permits have been issued, 1.4 percent fewer than a year ago. New home construction activity in California during November nearly matched its 2004 level, and while it took a big drop from October, this year should end up just as robust as the last, an industry tracker said Tuesday. Sinking affordability, rising construction materials costs and workers being drawn to the Gulf Coast resurrection effort could impact the state’s home-building sector next year. Last month, builders pulled 14,021 permits for houses and apartment and condominium units, 23.6 percent fewer than a year ago and 5.3 percent under October’s level, said the Sacramento-based California Building Industry Association. In November, builders were issued 9,405 permits for single-family homes, down 18 percent from last year and down 17.2 percent from last month. Nevin notes that in the year’s first 11 months, permits were issued for 145,119 single-family houses, about 5,000 more than a year ago. The Inland Empire continues to be the state’s strongest home-building area. So far this year, there have been 47,308 housing permits issued in Riverside and San Bernardino counties, down an annual 2.2 percent. Robert Rivinius, the association’s president and chief executive officer, said that while production has been strong over the past several years, it hasn’t caught up with demand. And he’s concerned that low affordability rates in most communities will further limit new construction. Rivinius said it is time for the Legislature and local agencies to come up with plans to reduce fees. Jack Kyser, chief economist at the Los Angeles County Economic Development Corp., agrees. Builders in the Inland Empire face “onerous” fees, he said, and those in some of the outlying areas of the county sometimes are confronted by anti-development groups. “You are at the point where affordability is a problem,” Kyser said. “We’ve had enough conferences. It’s time to get down to the business of solving it.” Gregory J. Wilcox, (818) 713-3743 [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

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