2018 is a Good Year for the Home Building Industry
There is a housing shortage in San Diego and both politicians and San Diegans know this. Many people can’t find affordable housing in their target locations and some studies show that people are leaving California because of the housing crisis. With that in mind, it’s good to hear that the San Diego home building industry is making a comeback.
In the first half of 2018, 6,953 residential permits were issued in San Diego County. This is a 64% increase compared to 2017. Compare this with the increase in homebuilding in Los Angeles (37%) and Riverside county (20%). Other counties decreased in the number of homes built compared to the previous year.
Of the permits issued in San Diego County, close to 5000 of them were for multifamily construction. Other permits were for building hotel/motels, and retail establishments. Despite the upward trend, analysts are concerned that construction rates may be hindered by the lack of skilled laborers and the cost of materials such as lumber and steel.
As we enter the the fourth quarter of 2018, San Diegans can be optimistic because there are many bustling construction sites across the county and an abundance of construction trucks on the road.