Construction Shows Strong Signs of Recovery

Construction activity in Ventura County showed a strong recovery in the first nine months of this year, but the gains were concentrated in home building, with non-residential construction showing a year-to-year decline.

And, of course, it’s questionable whether the county’s home builders can continue their recent pace. Rising mortgage rates put a squeeze on housing starts nationwide during October.

A report by the Construction Industry Research Board, a research group in Burbank, shows permits for new construction of all kinds in Ventura County increased 28% in the first three quarters of 1994 over the same period last year.

Ventura County home builders have launched projects totaling $302.7 million this year, compared to $204.1 million a year ago--an increase of 48%. In contrast, non-residential projects declined 3%, from $126.3 million last year to $121.6 million this year.

The total for all types of new building in the county rose to $424.4 million in the first nine months of 1994 from $330.3 million a year ago.

Activity has been strong this year among builders of single-family homes as well as multifamily residential projects, the Burbank industry trade group reported.

A total of 1,274 single-family houses were started in Ventura County this year, compared to 840 a year ago. Multifamily units started thus far in 1994 totaled 499, versus 136 last year.

Even though non-residential construction is down overall, two categories--industrial buildings, and alterations and additions--showed improvement.

The value of the county’s new industrial buildings increased 69% to $25.6 million. Alterations and additions rose 24% to $55.6 million. But commercial building projects declined a steep 46% to $25.6 million.