Number Crunch: February 2008

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Did you know that the state of California is facing a $14 billion deficit because of the housing slump? Read on for more facts about the home building industry.

February 01, 2008

$525 million

The sale price for a group of Lennar Corp. properties to
a joint venture established with Morgan Stanley in December 2007. The amount the properties are worth: $1.3 billion. 



67

The number of winners in this year's Best in American Living Awards. If you think you built a house that has what it takes to win, learn how to enter the 2008 contest at
www.probuilder.com/bala. 



$265 billion

In 2006,
the kitchen and bath industry brought in $265 billion. That's more money than IBM,

Hewlett-Packard and Microsoft put together, according to the National Kitchen and Bath Association. Holy cow! 



$14 billion 

According to the California Building Industry Association, California is facing a $14 billion deficit. The biggest reason for the deficit? The housing slump. In 2005, the home building industry produced about 209,000 housing units and generated nearly $68 billion to the state's economy. Nearly 500,000 California employees work in the industry.



6.9%

The percent decline
the Portland Cement Association expects in cement consumption in 2007, followed by a 2.2 percent decline in 2008. 




102,200

Building permits issued in the U.S. in October 2007, according the U.S. Census Bureau. In October 1959, the number was 94,600.
 



10

A 10 percent down payment will be the standard fixed-mortgage rate, according to
Bankrate.com. No more creative plans falling out of the sky to get the homeowner into their dream home. 



$2 billion

The green building industry will grow by more than $2 billion by 2011,
according to Specialists in Business Information. In 2011, that market will have grown to $4.7 billion, which is 17 percent growth from 2006 when it was $2.2 billion. 



50

Land prices in Southern California plunged as low as 50 percent in some areas, according to The Hoffman Co.
 



30

NAHB joined forces with UPS to offer discounts up to 30 percent on shipping for its association members.
 

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