State’s Builders Close to 1984’s Record Pace

Encouraged by climbing new-home sales and moderating interest rates, California builders are producing new homes at close to last year’s record pace, according to the California Building Industry Assn.

Stan Swartz, a San Diego builder and association president, said that the annual rate of production (seasonally adjusted) for March was 267,000 units, up 7.6% from February and up 9.6% from March 1984.

Swartz indicated that multifamily units continued to be the stronger residential sector during the first quarter in spite of recent improvement in single-family construction, which was up nearly 25% from the average rate of the preceding months.