Building is up, but not enough to fill demand
From Times wire reports
The good news on the California housing front is that the number of new units will exceed 200,000 this year for the first time since 1989. The bad news is that, even at that level, that’s not enough to fill housing needs in 2004, reports the California Building Industry Assn.
Builders began work on 14,292 homes and apartments in January, up 0.7% from January 2003 but down 10.7% from December 2003, according to the Construction Industry Research Board in Burbank. However, on a seasonally adjusted basis, total housing production climbed 2.4% from December and 4.9% from January 2003. The board forecasts 202,000 units for 2004. But 230,000 to 250,000 homes and apartments are needed to keep up with population growth.
