'03 LOOKS FAVORABLE FOR BUILDING STARTS.Byline: Gregory J. Wilcox Staff Writer BURBANK - The cost of new construction projects in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). edged up slightly last year to $63.68 billion, reversing a decline in 2001, and the total should increase slightly this year, an industry tracker said Thursday. Last year's volume increased 0.8 percent after falling in 2001 for the first time since 1995, said the Burbank-based Construction Industry Research Board. The increase was primarily driven by a 12.8 percent jump in the cost of road and bridge projects, the board said. This year, the cost of California construction projects should total about $74.97 billion, an annual increase of 2 percent, said Ben Bartolotto, the board's research director. The uptick Uptick A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. will be driven by modest economic improvement, which could spur private nonresidential building up 2.3 percent to $14.715 billion this year. The state's budget deficit could put a crimp crimp a regular wave formation of small dimensions, e.g. the crimp of wool fibers epitomized in the Merino breed and its derivatives. crimp marks marks made by wrinkling the x-ray film while holding it between the fingers. in government projects, though, the board said. Last year the board found that: --Private residential construction increased 10.9 percent, or 15,466 units, to 164,110 units. ``It's about on par with 1990 but well below the late 1980s,'' Bartolotto said. About one-third of that increase, 5,830 units, was in the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. . Residential building in the Riverside/San Bernardino area shot up 21 percent last year to 33,371 units. --Construction costs of government-owned buildings increased 11.7 percent. --Private nonresidential building volume decreased 16.4 percent, triggered by a substantial decline of large commercial projects. Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Economic Development Corp., is comfortable with the board's forecast, especially since voters last November approved school ap·proved school n. Chiefly British A school for young offenders; a reform school. approved school n (BRIT) → correccional m construction bond measures. ``It's somewhat of a mixed picture in your outlook again (as) 2003 will be sort of like 2002,'' Kyser said. ``There will points of light and points of dark.'' CAPTION(S): chart Chart: HOUSING CONSTRUCTION SOURCE: Construction Industry Research Board Daily News |
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