- Down 57 percent from year-ago levels
- ‘Until the homebuilding industry gets back on its feet, the entire economy will be affected’
Housing production in California last month posted the lowest annual rate on record- the California Building Industry Association . Just 2,007 permits were pulled throughout California during the month of January, down 57 percent when compared to the same month a year ago and also down 57 percent from December 2008.
On a seasonally adjusted basis, the annual rate of production for total new units during the month was just 27,800, the lowest on record.
In January, single-family permits totaled just 1,283, down 52 percent from January 2008 and down 33 percent from December, while multifamily permits totaled 724, down 64 percent when compared to January 2008 and down 73 percent from the previous month. The seasonally adjusted multifamily rate was the lowest since February 1994.
Based on these numbers, CIRB is now forecasting production of 56,600 total units for 2009, down 13 percent from the record-low 64,756 produced in 2008.
