New construction of apartments and condos is going on all around us, spurred by the City’s efforts to green light housing projects to address the much discussed lack of housing, so it’s no surprise the City’s Department of Building and Safety reported housing unit permits increased by 19% this FY 2016-17 over last year.
In 2013, Mayor Garcetti set a goal to permit 100,000 housing units (12,500 units on average per year) by 2021. At the close of FY 2016-17, a total of 58,527 housing units were issued a permit since 2013, indicating the City is over halfway to the target set by the Mayor.
Construction valuation increased by 18% to $7.8 billion, the highest total ever recorded. Overall, the data below indicates that construction projects are continuing to be developed and built.
The following table provides a comparison between last FY 2015-16 and the current FY 2016-17 for leading construction indicators.
Hopefully, soon all this new housing will address the housing crisis and the commensurate homeless population.