New housing units in building permits issued for the month of December 2016 totaled 10,644, up 26% from 8,442 units in December of 2015. I won't give away the total number of SFD and MFD units in 2016, but I will give you a small hint:
California did exceed 100,000 by the close of 2016, but total housing units did not reach 106,939 as originally projected. Historical construction data from CIRB reveals that California has not issued permits for at least 100,000 new annual housing units since 2007. It's taken nearly a decade to reach this level of recovery, and we still have a long way to go.
According to a 2015 report published by the California Legislative Analyst’s Office (LAO), “On top of the 100,000 to 140,000 housing units California is expected to build each year, the state probably would have to build as many as 100,000 additional units annually” to meet population demands.
We'll just have to wait and see what 2017 has to offer... Stay current on construction trends by subscribing to CIRB today.
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