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Building boom continues

June 22, 2003|From Inman News Features

Home building statewide is expected to remain at the highest level since the late 1980s through the remainder of 2003 and 2004, according to economic forecasts conducted for the California Building Industry Assn.

Economists with the National Assn. of Home Builders said the state's housing market "is expected to perform remarkably well during the next two years." The builders' forecast, conducted for the California group, projects that total housing starts, measured by permits issued, will increase by 6% in 2003, while the country sees a decline in total housing starts of 0.7%.

Single-family housing starts should increase by 5.8%, while the multifamily sector sees an increase of 6.5%. In 2004, a minor decrease in the level of total housing starts -- 0.3% -- is expected.

The Construction Industry Research Board expects construction will begin on 180,000 new homes and apartments this year, the highest number since 1989. Robert Rivinius, the board's CEO, noted, however, that this is still well below the 230,000 new housing starts needed each year to keep pace with California's continued population increase.

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