Data from the Los Angeles Department of Building and Safety (LADBS) indicates the significant impact of COVID-19 on Southern California’s regional construction market, though it isn’t as devastating as one might have thought at the start of the pandemic.
LADBS reports in its quarterly newsletter that both the volume and number of permits declined 17% in FY 2020-21 FYTD-Q3 from the same period last year. In comparison, $1.5 billion in permits were issued FYTD in the most recent quarter instead of $1.8 billion, a decline of $300 million. The number of permits issued declined to 35,967 from 43,249.
LADBS says the top five construction projects based on construction valuation between Jan. 1 and March 31 were:
|Project Address||Construction Valuation||Project Description|
|15040 E. Industrial Street||$165.0 Million||New construction — Proposed seven-story, 475-unit mixed-use apartment and retail building.|
|696 S. New Hampshire Avenue||$146.8 Million||New construction — Proposed 38-story, 375-unit mixed-use apartment and retail building.|
|12101 W. Olympic Boulevard||$142.5 Million||New construction — Proposed ten-story, 600-unit mixed-use apartment and retail building.|
|6709 N. Independence Avenue||$40.4 Million||New construction – Proposed five-story, 275-unit apartment building.|
|7700 N. Woodman Avenue||$30.5 Million||New construction — Proposed five-story 239-unit apartment building (all dwelling units are reserved for senior housing, with 56 units reserved for low-income households).|