Apartment Starts Rise as Housing Dips
California’s housing production in October dipped 1.2% from September although multifamily construction showed a 6% increase, according to the California Building Industry Assn.
In October, builders took out permits at an annual rate of 211,200 compared to 213,800 in September. An annual rate is the number of units that would be produced in a year if the total for the month were sustained for the year. The unadjusted total for October was 16,962 units.
Multifamily housing, which had been in a sharp decline since July, rebounded 6% in October with an annual rate of 93,500 permits compared to September’s 88,200. Single-family housing construction dropped 6.3% to 117,700, down from September’s 125,600.
October figures showed a 33% decrease from those of 1986. Ben Bartolotto, research director of the Construction Industry Research Board, attributed the decline to higher interest rates.
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