California Construction Up.Business Editors/Real Estate Writers LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Feb. 1, 2001 California construction activity rose last year to its highest level in more than ten years, a real estate information service reported. Financial institutions provided $23.1 billion in funding for construction projects last year. That was up 3.4 percent from $22.3 billion for 1999, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. DataQuick Information Systems. Last year's total was the highest since $32.0 billion was made available to developers in 1990. The decade's low point was in 1993 when $6.9 billion was provided in construction financing. "These are dollars that get pumped right into the local economy in the form of job payroll and building supply purchasing. It will be interesting to see what happens to construction activity during the next few months when lower interest rates play off against increased caution on the part of financial institutions," said Mike Ela, DataQuick president. The financial institutions most active in construction lending last year were Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank and Imperial Bank. DataQuick monitors all real estate activity in California and other states and provides information to consumers, lending institutions, title companies and industry analysts. The numbers include all construction loans, commercial as well as residential. A construction loan is typically recorded a few days before building activity actually begins. San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Riverside and Sacramento counties experienced the strongest increases in building activity last year, while coastal counties from Santa Cruz Santa Cruz, city, United States Santa Cruz (săn`tə kr  z), city (1990 pop. 49,040), seat of Santa Cruz co., W Calif., on the north shore of Monterey Bay; inc. 1866. down to Santa Barbara saw decreases, DataQuick
reported.
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