Nonresidential data from the California Construction Industry Research Board's July report was uneven.
In Los Angeles County, new industrial and office permit valuations for the first 7 months continued to lag 1999 numbers, declining by 27.9% and 39.4%, respectively. But that old devil retail was running 13.9% ahead of last year. The news is a little better in Orange County, with office permit valuations up by 96.2% and retail ahead 20.8%. However, industrial permits were lagging here as well, off 53.7%. In San Diego County, industrial permits were up a modest 3.1%, office was essentially flat at -0.5%, and retail was up 58.6%. In Ventura County, industrial permit values were up by 2.4%, office was ahead a hefty 83.0%, but retail still trailed, down 77.9%. If you want big numbers, the Riverside-San Bernardino area never disappoints. Industrial permit values for 7 months of 2000 were up 39.3% to $324.9 million, office was ahead 21.8%, while retail was up 53.8% to $259.5 million. In the 9-Bay Area counties, new industrial permit values were essentially flat (-0.2%), while office was up a stout 141.9%. Activity was especially strong in Contra Costa, San Mateo and Santa Clara counties. Retail, however, was down by 21.4%. A further note on retail development is in order. The financial woes of the motion picture exhibition business have put the brakes on some proposed developments around Southern California, and is also causing problems for retail centers where theaters have been shuttered. What do you do with an old fashioned movie house?
Thanks to Laura Krafft
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