It’s Official: 2008 Housing Production in California Was the Lowest on Record, CBIA Announces

SACRAMENTO, Calif.--(BUSINESS WIRE)--Total housing production in California in 2008 was at the lowest level on record, the California Building Industry Association announced today, prompting CBIA officials once again to urge state and federal lawmakers to act immediately to stimulate the housing sector and the economy.

CBIA said just 65,380 permits were issued statewide last year for new homes, condominiums, townhomes and apartments, down 42 percent from 2007 and down a staggering 69 percent - 147,580 units – compared to 2004, the peak of the current cycle.

Robert Rivinius, CBIA’s President and CEO, said the dismal production numbers should send a clear signal to state and federal lawmakers to immediately enact stimulus measures to reinvigorate the depressed housing market and in doing so, help the entire economy recover more quickly.

“We continue to believe that the best solution to the current depression in the homebuilding industry is to create a tax credit for new-home buyers, which in the past has proven to be an effective means of quickly jump-starting housing construction, which is such an important part of the state and national economy,” Rivinius said.

View the full release here.

The California Building Industry Association is a statewide trade association representing thousands of homebuilders, remodelers, subcontractors, architects, engineers, designers, and other industry professionals. More information is available on the Association's Web site, www.cbia.org.

The Construction Industry Research Board (CIRB) is a nonprofit research center established in 1974 to provide statistical information on the California building and construction industry. More information is available on the CIRB Web site, www.cirbdata.com.