Figures recently released by the Real Estate Research Council of Southern California at California State Polytechnic University in Pomona indicate that construction costs and the level of non-residential permits authorized for the first half of the year have continued to rise year-to-year for several years now.
Measured in terms of estimated construction costs, the council's second quarter 2000 Real Estate & Construction Report reveals that total building valuations for non-residential permits, consisting of office, retail, industrial and hotel/motel buildings, reached $2.15 billion. This is a slight increase from the almost $2.1 billion in valuations for the first half of 1999, but a steady incline from the $1.6 billion for the same period of 1998 and the $1.5 billion in 1997.
"It's hard to tell what's going on, on a quarterly basis," says Michael Carney, executive director of the council. "You need to look on a year-to-year basis."
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