Saturday, April 30, 2011

San Diego Building Permits Best in 4 Years

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Download: Building permits, March 2011

San Diego County building permit activity ended the first quarter of the year with its best performance in four years, according to the Construction Industry Research Board.

Local agencies issued permits for 1,427 dwelling units through March, up 71.2 percent from the same period last year.

For nonresidential activity, measured in permit valuation, the quarter total was $296.2 million, up 123.4 percent from 2010 levels.

Since 2007, first-quarter residential permits have dropped from 2,541 to as low as 694 in 2009 as credit tightened, foreclosures and defaults skyrocketed and the recession cooled interest in home buying.

For March, there were 217 single-family and 66 multifamily units authorized, compared with 136 and 539, respectively, in February and 214 and 74, respectively, in March 2010, for a year-over-year decline of 1.7 percent.

Statewide, March was 9.1 percent ahead of March 2010 but the quarter was down 9.7 percent.

Mike Winn, president and CEO of the California Building Industry Association, said the statewide totals for the quarter were lower than desired because many builders obtained building permits early to avoid building code changes that took effect Jan. 1.

"As the economy slowly improves and employers begin to add more workers to their payrolls, we expect to see construction pick up as consumers begin to regain their confidence in the housing market and create a greater demand for new homes," Winn said.

The research board downgraded its predictions for the year to 55,000 homes for the state, compared with 60,000 predicted last month. The construction employment forecast for the year also was adjusted downward slightly to 367,900 jobs, 100 less than predicted in February. The board does not project regional or county numbers.

In the nonresidential category locally, commercial permits worth $52.2 million were issued in March, up from only $850,000 in February and $1.1 million in March 2010. Industrial valuation was $2.3 million, up from $1.3 million in February and none a year earlier.

In public works, San Diego County saw $115.3 million in permit valuations for the first quarter, up 31.3 percent year-over-year, with the biggest boost in schools and community colleges. The statewide total of $1.6 billion was 16.6 percent ahead of the same period last year.

In heavy construction for roads, waterworks and other infrastructure, the first quarter valuation for San Diego was $161 million, up 19.4 percent from the same period last year. Statewide the total was $2.6 billion, up 60.8 percent year-over-year.

 

Posted via email from RealtorPeg

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