Census Report Finds National Housing Growth Rate Highest in 20 Years -- January 22, 2004 -- California Capitol Hill Bulletin -- Volume 11, Bulletin 2

A recent US Census Bureau report shows growth in housing starts, building permit issuances and housing completions throughout the country, an indicator that the economy is improving. Of particular significance, December 2003's annual housing starts growth rate of 1,924,000 units, represented the highest recorded level of monthly growth since 1984, according to the Department of Commerce.

Using seasonally adjusted data, the report shows a growth of one percent in building permits issued nationally from 2002 to 2003, while housing completions increased 2.2 percent during the same period. Housing starts grew by 1.7 percent in one month while the annual growth rate topped 15 percent. A lot of the strong growth rate in housing starts between 2002 and 2003 is attributed to robust apartment construction.

The report stops short of presenting state-by-state statistics, however it complements the findings of another Census Bureau report released in mid-2003 showing strong housing gains in California. That report ranked California as the third highest housing gains state over one year, with a recorded growth of 130,779 units. Texas and Florida were ranked first and second. Los Angeles County had the largest numerical growth in housing units, according to that report.

To read the recent report on residential construction together with tables and additional statistics, visit the Census Bureau at: http://www.census.gov/indicator/www/newresconst.pdf .

To expand communications between Washington and California, the California Institute provides periodic bulletins regarding current activity on Capitol Hill that directly impacts our state. Bulletins are published weekly during sessions of Congress, and occasionally during other periods.

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