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(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, 2013, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
LOS ANGELES-Dallas-based Axiometric's jobs/multifamily-permitting report showed that Los Angeles ranked fifth among the top 10 MSAs for multifamily property permitting for trailing 12 months ending November, 2012. According to the report, permits for 8,582 units were issued in the L.A. market.
The top 10 MSAs listed in the report were:
- Houston (11,192 units)
- New York (13,664 units)
- Dallas (12,574 units)
- Austin (10,242 units)
- Los Angeles (8,582 units)
- Washington, DC (8,415 units)
- Seattle (8,309 units)
- Denver (6,799 units)
- Raleigh (5,919 units)
Nationally, November saw an increase in jobs and a decrease in the unemployment rate, while on the multifamily property-permitting side, the number stood at 261,232, the 13th consecutive month during which that figure has topped 200,000.
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On the jobs front, however, while the US Bureau of Labor Statistics saw monthly nonfarm payrolls increasing by 146,000 jobs in November, September and October, job numbers were revised downward—from 148,000 to 132,000 and from 171,000 to 138,000, respectively. These revisions took away 49,000 jobs that were originally reported. Furthermore, private payrolls rose by 147,000 jobs, slightly lower than the average of 155,000 jobs seen from January through October 2012. For more information on the report, click here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
