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|August 21, 2017|
Single-family home building on the rebound
RIVERSIDE – (INT) - Single-family home construction in the Inland Empire hit its highest level in nine years in the first quarter of the year.
With 2,182 units built, that is the most since the first quarter of 2008, according to an analysis by the UC Riverside School of Business Center for Economic Forecasting and Development.
“This is a substantially higher pace of activity than we have seen at any time in the recent past and may signify a much needed increase in single-family home construction in the region,” said Robert Kleinhenz, executive director of research at the Center. “Still, it is only a fraction of the building we saw prior to the recession when the number of quarterly units built was in the 9,000 to 11,000 range,” he said.
Homeownership in the Inland Empire has continued to rebound, reaching over 61 percent in the first quarter of 2017. Local homeownership rates are now near national levels (63.7 percent) and well above California levels (55.1 percent).
Story Date: June 22, 2017