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Housing Starts
In September, total California housing starts decreased for the first time in five months.
Housing Permits
The California Department of Finance reported that Housing Permits rose in July but decreased 28% from August to September. Further, housing permits in September 2010 are 15% lower than they were in September 2009. Housing permits have declined steadily since 2005/6, but as the graph below indicates, the rate of decline is slowing and we are may be bouncing along the bottom. Click to see bigger.
Construction Employment The California Department of Finance also reported that the number of people employed in construction fell nearly 2.5% in September. Construction employment is now only 3.82% of total nonfarm employment. This is the lowest level in over a decade. Click to see bigger.
For the full California Department of Finance October 2010 Economic Update.
UCLA Economic Forecast for the Inland Empire In October, the UCLA Anderson Forecast economists predicted double-digit unemployment in the Inland Empire to continue until 2014. In addition, the economists stated that the housing market in this region has stabilized but has not shown signs of a turnaround. For the full report click here.
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