California Homebuilding Lags

Accordingtothe Construction Industry Research Board, the total number of permitsissued in November was up modestly over the year, and the year-to-datetotal is running just 5.0% ahead of the like 1999 period. This pointsto apermit total for the year of 144,900 units, nowhere enough to meetdemand. In Los Angeles County, the 11-month total was up by 20.3% over thelike 1999 period, with the multiple unit sector running 33.4%ahead. Orange County's 11-month total was up a modest 2.0%, with themoststrength again in the multiple sector. The Riverside-San Bernardinoarea's11-month count was ahead a miniscule 0.9%, but at 20,130 units it stillleads the state. San Diego County continued to lag, down 6.0% from1999. Ventura County was up just 1.3% over the year. In the Bay Area, the San Francisco metropolitan area's 11-monthhousing unit total was up by 21.4%, with the multiple sector providingthepunch. San Jose's 11-month total, however, lagged, off by 3.1%. AndtheOakland area was ahead a modest 1.5%. (Jack Kyser)

Thanks to LAEDC