California construction.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)--July 19, 1995--Building activity in California declined somewhat in June, casting a shadow on the state's slow economic recovery, a real estate information service reported. A total of $713 million was provided by lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in to construction projects in the state last month. That was up 9.2 percent compared to May's $653 million, and down 24.0 percent from $938 million for June last year, DataQuick Information Systems reported. The year-over-year decline was the first of this year. Construction activity reached an all-time peak in 1988/89 when financing sometimes exceeded $3 billion monthly. A low was reached during the first half of 1993 when the monthly numbers came in below $500 million for six months in a row. "While the worst is clearly behind us, the industry won't be back in balance until real estate prices stabilize stabilize See peg. . In many areas it costs more to build right now than to buy resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. ," said Donald L. Cohn, DataQuick CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Almost all current building activity in California is residential, where prices are still in decline, DataQuick reported. The information service monitors all real estate activity in California and other states and provides information to lending institutions, title companies and industry analysts. The overall numbers include all construction loans, commercial as well as residential. A construction loan is typically recorded a few days before building activity actually begins. The decline in building activity was steepest in the Bay Area which had experienced a minor surge a year ago. The numbers are flat for Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , reflecting some post-quake re-building activity as well as some subdivision activity, DataQuick reported. NOTE TO EDITORS: Numbers are available for most individual counties. CONTACT: John Karevoll, 909/867-9534 |
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