State on track for slowest homebuilding year on record
Housing construction in California continued to decrease in November and is on track to set a record for the least amount of homes produced in a single year, the California Building Industry Association announced late last week. According to statistics compiled by the Construction Industry Research Board, homebuilders pulled permits for 2,540 total housing units in November, down 12 percent from October, and down 46 percent from November 2008. CIRB expects to finish the year with 35,600 total units, which would be by far the lowest total since records began being kept in 1954. The current record is 64,962 units, which was posted in 2008.
Leave a comment