Magazine article American Banker

Multifamily Construction Shines in California, SF Not So Much

Magazine article American Banker

Multifamily Construction Shines in California, SF Not So Much

Article excerpt

Byline: Lew Sichelman

Housing production in California was up in November for the fourth consecutive month. But builders in the Golden State are still on track to start the third lowest number of units on record in 2011.

According to the Construction Industry Research Board, 4,011 housing permits were issued in November, a 21%A increase from the same month a year ago and a 51% jump from October. Permits were issued for 1,486 single-family houses, up 4% from November 2010 but down 1% from the previous month.A Multifamily permits totaled 2,525, a 33% gain from a year ago and a huge 123% leap from October.

For the first 11 months of the year, permits were pulled for 41,123 total units. That's a welcome 8% increase compared to the same period in 2010, when 38,074 permits were issued. Permits for single-family homes were down 12% for the period, but multifamily permits were up 36%. …

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