Housing Permits Increase 8% in California in 2004
"California housing permits rose nearly 8% last year to surpass 200,000 for the first time in 15 years, yet the rate of growth is expected to stall this year, industry experts said Thursday", the LATimes is reporting.
Last year, the Inland Empire and Los Angeles County lead the state in housing starts.
"Production of 210,000 units is strong evidence of the confidence in the state's economy as well as the demand for ownership homes and condominiums," said Alan Nevin, chief economist for the California Building Industry Assn., a trade group.
Yet Nevin expects about the same number of permits to be issued this year. "Builders are having a difficult time getting lots for single-family homes," he said.
Other economists forecast a construction slowdown because high housing prices are damping demand. For example, in Ventura and Orange counties — where median home prices exceed $500,000 — starts for single-family units declined 24% and 23%, respectively.
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Last year, the Inland Empire and Los Angeles County lead the state in housing starts.
"Production of 210,000 units is strong evidence of the confidence in the state's economy as well as the demand for ownership homes and condominiums," said Alan Nevin, chief economist for the California Building Industry Assn., a trade group.
Yet Nevin expects about the same number of permits to be issued this year. "Builders are having a difficult time getting lots for single-family homes," he said.
Other economists forecast a construction slowdown because high housing prices are damping demand. For example, in Ventura and Orange counties — where median home prices exceed $500,000 — starts for single-family units declined 24% and 23%, respectively.
Need a Los Angeles Real Estate Agent?
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