Industry Snapshot: Affordable Housing Construction Is Critical For California’s Recovery

California’s depressed construction industry only generated just 32,000 new housing units between 2010 and 2011, a fraction of the over 200,000 units that California once produced each year. New Census Bureau figures show construction falling far below growth in their latest report. The numbers of units under was less than a quarter of one-percent of 13.7 million total units even though our state’s population was growing at least twice as fast. The rate of high foreclosures coupled with a depressed housing construction industry is placing a huge burden on affordable home organizations. Legislation such as a dedicated source of funding for affordable homes and the potential for cap and trade funds being used for housing production are even more important in the coming year to lead the way towards economic recovery and the creation of jobs in California. Stay tuned.

SCANPH

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