While new single-family units across the state are up by 26% from 3,556 in May to 4,499 in June, the total multi-family units are down by an overall 16% - essentially a reversal of last month’s findings, which indicated a notable construction boom for multi-unit buildings.
With the younger generation of long-term renters populating high-density areas, multi-family structures have been anticipated to become the livelihood of hesitant, post-recession Californians. This month’s significant turnaround for single-family dwellings gives hope to those seeking white picket fences in lieu of apartment complexes.
The real question is whether or not the construction of new homes will continue to rise throughout 2014. At this rate, anything is possible. The CIRB Semi-Annual Construction Summary will be available next month, showing residential and commercial statistics for the first half of the year. We believe that the best way to determine where we’re going is to know where we’ve been.