New-home construction dips in September; outlook downgraded
New-home construction in the state dipped again in September, the California Building Industry Association said. According to statistics compiled by the Construction Industry Research Board, home builders pulled permits for 2,920 total housing units in September, down 1 percent from August. When compared with September of last year, production in 2009 was off by 36 percent. Permits for single-family homes totaled 2,150, down 2 percent from the previous month and down 12 percent from September 2008. Multifamily permits totaled 770, up 0.5 percent from August but down 63 percent from September of last year. The CIRB also announced it is revising its forecast downward from 39,500 total units to 37,700 total units for 2009, which would be the lowest total on record.
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