[BIASC] – The first phase of the long-delayed Blvd6200 complex in Hollywood next to the Pantages Theater accounted for the bulk of new housing permits issued in Los Angeles and Ventura counties in November, the Los Angeles/Ventura Chapter of the Building Industry Association of Southern California reported today.
According to data compiled by the Construction Industry Research Board (CIRB), there were just 775 permits pulled in L.A. County during the month – 166 single-family homes largely concentrated in the Santa Clarita and Antelope valleys and 609 multifamily permits. The Hollywood mixed use development accounted for 535 of those new units.
In all, housing starts countywide jumped by 84 percent compared to the previous month and were down just 1 percent from November 2010.
During the first 11 months of the year, multifamily permits – almost all for apartments – were up almost 48 percent from the same period a year ago to 6,632, while single-family permits were flat, down by just 1.5 percent to 2,105.
In Ventura County, 20 single-family permits were issued countywide, with more than half scattered through unincorporated parts of the county – ironically, areas where development is limited by county ordinance. For the year, total housing starts are up by 8 percent countywide, due again to a surge in multifamily development.
Looking at permits by jurisdiction in the two counties, L.A. City led the way with 638, followed by the unincorporated parts of L.A. County with just 29, of which 16 were in the county’s portion of the Santa Clarita Valley. In all, the SCV saw 27 single-family homes begin construction, while 28 homes got under way in the Antelope Valley.
Holly Schroeder, the Chapter’s CEO, said the emphasis on building apartments in L.A. and Ventura counties mirrors statewide and national trends.
“Due to perceived market demand and the fact it’s much easier to obtain construction financing for apartments than for-sale product, CIRB projects that statewide, there will be 24,500 apartments permitted this year and only 21,500 single-family homes. That would be the lowest number of single-family homes built since World War II,” Schroeder said.
“There are growing signs that the housing market is slowly recovering from the bottom year of 2009, but the overall economy would be much better if homebuilding rebounded to more normal levels. Builders continue looking for ways to cut costs and make more projects financially feasible so that they can build more homes, put people to work and help the state and regional economy get moving again.”
BIASC is a non-profit trade association representing some 1,000 member companies in the housing industry, construction trades, and affiliated businesses throughout Southern California. The Chapter, one of four that make up BIASC, serves homebuilders in Los Angeles, Ventura and southeastern Kern counties. More information is available on the Chapter Website, www.bialav.org.
The Construction Industry Research Board (CIRB) is a Burbank-based nonprofit research center established in 1974 to provide statistical information on the California building and construction industry. More information is available on the CIRB Website, www.cirbdata.com.