Despite some tightening in the capital markets, construction activity in California, as measured by building permit values, continued to increase in September, according to a report by the Construction Industry Research Board.
Total construction volume for the state increased $3.44 billion in September, up 4% from August and up 18% from September 1997. Nonresidential building made up $1.35 billion of the $3.44 billion, down 3.8% from August, but up 11.4% from September 1997.
Year-to-date, the state's nonresidential construction totaled $11.15 billion, up 21.6% from the year-ago period. Southern California construction accounted for 50% of that total, slightly less than the region's annual average share of 60%, according to surety and insurance broker Lamberson Koster & Co.
"Assuming a stable economy and no significant impact from international concerns, we will continue to have overall strong activity,' says Ben Bartolotto, director of the construction research group.