April 03, 2020
March multifamily permit statistics increase in California despite COVID impacts. Will it last?
Though March was anticipated to reflect the economic impacts of COVID-19 on homebuilding, April may be the month to watch out for.
Key takeaways from the CIRB March 2020 Construction Review:
- New housing units in building permits issued for the month of March 2020 are down 7% from February of 2020 and down 6% from March of 2019.
- Multifamily units increased by 26% in March 2020 compared to February 2020 and increased by 7% from March 2019.
- Statewide housing unit totals for the first three months of 2020 increased 3.4% year-to-date.
- The largest project in March 2020 was a $139 million equipment building in the city of Los Angeles.
- In March 2020, 3,002 statewide residential and commercial HVAC changeout units were issued, producing a 50% month-to-month decrease in activity.
- Monthly residential and commercial solar permit activity in March 2020 indicated a 25% decrease from installations permitted in March 2019.
- Residential and commercial electric vehicle (EV) charger permits for the month of March 2020 cumulated 114 statewide.
Employment Trends (Source: California Employment Development Department):
- The U.S. unemployment rate was 4.4% in March 2020, increasing by 0.9% from February 2020.
- The unemployment rate for California employees in March 2020 was 5.6%, increasing by 1.3% from February 2020.
How is COVID-19 affecting California’s 5 major economic regions? The Economic Outlook – Spring 2020 is a succinct compilation for Spring 2020 that delivers up-to-date analysis of leading indicators driving the economy. Click here to download.
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