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Construction Improvements for California in 2016

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Construction in California appears to be on the increase for 2017! This good news comes based on an analysis performed by the Labor Department comparing past year construction projects and jobs with the newest data offered through 2016. California was one of the top in construction job increases by having added more than 41,000 jobs in 2016. This was a 5.9 percent increase from the year before.

“In nearly every state, contractors are busier now than a year ago,” said Ken Simonson, chief economist for the Associated General Contractors of America.

California city centers like San Francisco and Los Angeles seem to be booming with new construction activity. “We are personally seeing the added activity in both commercial and residential projects here locally in Southern California and a lot more calls than usual from those seeking construction loans,” says Ron Morillo of RMC Funding Financial Services. He adds, “we’ve been receiving many more requests for information about our multi-family home loans especially in the Los Angeles area.” Multi-family housing includes those building or remodeling apartments, condos, duplexes or any property where more than one family will reside.

With the industry in a seeming rebound for 2016 also comes the need for better funding and good solid backing for these types of construction projects. Ask us how we can help!

Resources:
– Hawaii, California Add Most Construction Jobs in U.S. For The Year – https://khon2.com/2015/12/18/hawaii-california-add-most-construction-jobs-in-u-s-for-the-year/
– Construction Continues To Improve, But Are We In A Boom? – https://www.jdsupra.com/legalnews/construction-continues-to-improve-but-82619/

in-the-news

Commercial Building & Lending in the News | Oct. 5 to Oct. 12

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Business continues to grow and develop in the California area. Some of the highlights in the news this week for commercial property issues and business growth comes from these recent reports:

Tesla Batteries to Power Office Buildings in California – A big real estate developer and a well-connected tech startup have a plan to install batteries from electric car company Tesla at office buildings in a Los Angeles suburb.
To read more about this news see: https://fortune.com/2015/10/12/tesla-batteries-office-buildings/ published Oct 12, 2015.

What’s next for San Jose ballpark site? It’s Complicated but will have a Big Impact on Downtown – San Jose spent $25 million assembling land for a future ballpark meant to lure the Oakland A’s to the South Bay. So if the city’s big league ambitions are dead, what’s next for its field of dreams? That’s the question being asked by real estate watchers today after the U.S. Supreme Court dealt a big, if largely expected, blow to San Jose’s efforts to bring the Oakland A’s to Silicon Valley’s largest city.
To read more about this news see: https://www.bizjournals.com/sanjose/news/2015/10/05/whats-next-for-san-jose-ballpark-site-its.html published Oct. 5, 2015

Banc of California to Buy New HQ Building for $77M – Banc of California in Irvine has agreed to buy a Santa Ana office building for $77 million for its headquarters.
To read more about this news see: https://www.americanbanker.com/news/community-banking/ published Oct 5, 2015

Intense Fire Destroys Commercial Building in California – An intense fire was said to be burning in a metal-clad commercial building near downtown Los Angeles, sending up giant plumes of dark smoke that’s visible for miles around. The Los Angeles County Fire Department said the blaze broke out around 9 a.m. Monday at the one-story building in Huntington Park, a small city just south of downtown LA.
To read more about this news see: https://www.firefighternation.com/article/news-2/intense-fire-destroys-commercial-building-california published Oct. 5, 2015.

Building new? Remodeling? Updating or Upgrading? RMC Funding Financial Services helps investors, business owners and anyone in need of a commercial loan. A commercial loan, or mortgage loan secured by commercial property, can be used for an office building, shopping center, industrial warehouse, apartment complex, or other. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property. Call us for information on your individual lending needs: 1-800-649-5626
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