Construction activity in California increases again, led by continued growth in home building sector.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)--Sept. 19, 1996--Construction activity in California increased again last month, led by continued growth in the home building sector, a real estate information service reported. Funding for construction projects totaled $951 million in August, up 13.7 percent from $836 million in July, and up 16.3 percent from $817 million for August last year, 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, an Acxiom company. "Well-planned projects that couldn't get financing a year or two ago are now coming on line. 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 that wouldn't even talk to builders a couple of years ago, are now providing funding," said Mike Ela, DataQuick president. Construction loans have totaled $6.39 billion statewide so far this year, up 24.6 percent from $5.13 billion for the same period last year. The current year-to-date total is the highest since $6.54 billion for the same period in 1991. The recession low was reached in 1993 when construction financing totaled $4.20 billion. DataQuick, which was acquired by Little Rock, Ark.-based Acxiom Corp., monitors all real estate activity in California and other states and provides information to consumers, 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 year-to-date increase in building activity is strongest in Alameda Alameda (ăləmē`də, –mā`də), city (1990 pop. 76,459), Alameda co., W central Calif., on an island just off the eastern shore of San Francisco Bay; settled 1850, inc. as a city 1884. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and 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. counties. The increase is weakest in parts of the Central Valley, DataQuick reported. -0- NOTE TO EDITORS: Numbers are available for most individual counties. CONTACT: John Karevoll, 909/867-9534 |
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