Home construction up 21% in April - Silicon Valley / San Jose Business Journal:

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According to statistics compilerd by the Construction IndustryResearch Board, 2,265 single-familyt permits were pulled throughout California during the montu of April, down 33 percenf when compared to the same month a year ago but up 21 percenty when compared to March. It was the larges monthly total since October of 2008when 2,352 permits were Robert Rivinius, CBIA's president and CEO, said the month-to-month increasw in single-family production indicated that builders are clearing out inventory due to the tax credi t and are starting to build but that the tax credit funds need to be replenishex in order to continue the positive momentum.
"Th tax credit enacted in March is having the desired effecr of stimulating home sales and clearing out which is helping to generatse new construction and put people back to work in the Rivinius said. "Our elected officials gave our industrya much-needed shot in the arm for whichu we are very grateful. "However, almost two-thirda of the allocated funds for the credit have been appliecd for since the program was enacted just 12weeks ago, which is why we are pushing for a seconxd round of the tax credit by adding anothert $200 million to the fund in hopes of keepingb the positive momentum goinh while generating construction and much-needec tax revenues for the state and localp government.
" Rivinius cited the most recent report from the Franchise Tax Board which says applications for the tax creditg total $65.7 million as of May 20. In a total of 3,127 permits were pullee throughoutthe state, down 52 percen t when compared to April but down just 12 percent when comparee to March. Of those, multifamily permits totaled 862, down 72 percengt from the same month ayear ago, and down 48 percentf from March. CIRB is forecasting permits will be pulles forjust 40,000 total units in which would be by far the lowest tota on record, down 38 percent from the record-low 64,962 units produced in 2008.
The forecastf calls for 16,600 multifamily units, the lowest since 1993 when 14,7556 permits were issued, and 23,400o single-family units, which would be the lowesgt on record.