“The slowdown hit Los Angeles, San Diego and Orange counties especially hard. In Los Angeles County, total economic impact fell from $3.8 billion in 2008 to $2.1 billion in 2009, a 45% drop. In San Diego County, the economic impact fell 35% in that time period; in Orange County, it fell 27%.”Highlights from the report include:
- Every dollar spent on new housing construction in California generates another $0.8 in total economic activity, while each job created through residential construction supports an additional 1.2 jobs.
- New housing construction is an important industry for the state’s economy, accounting for 0.4 percent of California’s total output and ranking among the top 15 percent of all industries.
- With a drop in residential permit activity of close to 83 percent between 2005 and 2009, the economic benefits of new housing construction in California have decreased considerably.