Construction continues slow turnaround.SAN FRANCISCO--(BUSINESS WIRE)--June 6, 1995--California construction activity continued to falter after the first four months of 1995 primarily because single-family housing is down 24 percent below the corresponding period 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. statistical data compiled by the Construction Industry Research Board (CIRB CIRB Centre D'informatique Pour La Région Bruxelloise (French) CIRB Canada Industrial Relations Board CIRB Construction Industry Research Board CIRB Compensation Insurance Rating Board CIRB Crop Insurance Research Bureau ) and run through analysis by Lamberson Koster & Company, surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. and insurance brokers in California, construction volume for the first four months totals $8.5 billion, down 5.6 percent from the same period last year. "If single-family housing had stayed at the same rate as last year, total construction volume would be up 3.9 percent instead of being down 5.6 percent," said Ben Bartolotto, director of the Research Board. Single-family housing units thus far in 1995 total 5,893 fewer in the first four months. "The rains are over and we expected lower interest rates to help single-family housing rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective ," said Bartolotto. "The result is puzzling." The Lamberson Koster analysts report construction volume for April totalled $2.30 billion, down 3.7 percent from March. However, when the numbers are adjusted for seasonality, the annual rate is $28.65 billion, up 2.9 percent from March. On the brighter side, the heavy construction sector posted gains both March-to-April and for the year-to-date; and non residential building was down from March, but up from April 1994. Heavy construction contracts total $527.6 million. Seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. , that is an annual rate of $8.59 billion, up 7.0 percent from March and up 12.6 percent from April 1994. The three largest contracts in April total $179.2 million which included a $120.4 million highway project on the new Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. Freeway in Oakland, a $36.8 million lift bridge at 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. Harbor and a $22.0 million electric power facility in Stanislaus County. Lamberson Koster reports that private non-residential building permit valuations came to $646.5 million in April. Year-to-date totals were $2.51 billion, up $227.3 million from last year. Most of the increase is due to a $139.3 million increase in alterations and additions and a $62.7 million increase in amusement and recreation activity at Universal Studios in Los Angeles and several major theater complex projects. CONTACT: Construction Industry Research Board Ben Bartolotto, 818/841-8210 or Lamberson Koster & Company Tom Willow willow, common name for some members of the Salicaceae, a family of deciduous trees and shrubs of worldwide distribution, especially abundant from north temperate to arctic areas. , 916/974-7556 |
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