Multi-Family Housing Permits On The Rise, Slowly
January 28th, 2011
In California, like most other places in the country right now, builders and developers are hurting for work. That makes 2010’s 46 percent increase over 2009 in new permits for single- and multifamily homes in Ventura County something to get cautiously excited about[1]. And when you factor in the fact that multifamily home construction increased in that county from 173 to 398 from 2009 to 2010, even if you had hoped for a “more robust recovery” as did Mike Winn, the California Building Industry Association (CBIA)’s president and CEO, you have to admit to feeling at least a little optimistic.
“It’s good to see the increase in the number of permits issued,” said Winn, calling the increase a “modest” one. Overall, multifamily housing permits were up 78 percent from the year prior, so the main concern is that permits for single-family dwellings remain so low. However, overall, the entire area is experiencing an increase in permit volume over 2009, considered the low point by many analysts, so even thought permits may not have returned to the original volumes, it still is, overall, a good sign for the economy since construction is a key source of employment and a good sign for housing as well.
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[1] http://www.thecamarilloacorn.com/news/2011-01-28/Community/Housing_permits_up_46_percent_since_2009.html
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