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Renovations on the rise, but building stagnates

Economy: Home sales down, renovations up, October data shows

Posted: December 30, 2010 8:09 p.m.
Updated: December 31, 2010 4:30 a.m.
 

The number of Santa Clarita residents renovating their homes spiked in October, while construction on new homes was stagnant, according to economic data the city released this week.

City officials issued 56 permits for home additions and alterations in October, up from 34 permits issued in September and 26 permits issued in October 2009, according to the October economic snapshot that the city released Wednesday.

Meanwhile, the city didn’t issue any permits for building new residential homes in October.

Home sales fell in October, while home values rose slightly.

Just 144 homes sold in October, down 14 percent from September. The average single-family home was worth $436,900 in October, up 2 percent from September.

The data shows a local economy still struggling with the Great Recession. Many of the economic indicators documented in the report showed conflicting signs.

While 34 filming permits were issued by the city in October 2010 — up from 22 permits issued in the month the previous year — the money generated from location filming dropped from $2.71 million in 2009, to $2.24 million this year.

It’s a trend that’s continued throughout the year for local filming.

A total of 253 film permits have been issued through October this year, up 17 percent from the 216 permits issued during the same time last year.

However, the economic impact from on location filming during the same time was down 17 percent, dropping from $17 million generated a year ago to $14 million generated this year, according to the data.

Unemployment data was similarly mixed.
In October, the unemployment rate in the city bumped up a tenth of a percent compared to the previous month, to 7.8 percent.

Santa Clarita’s unemployment rate for October is down from the city’s all-time high of 8.3 percent in July, and lower than the 12.5-percent unemployment rate for Los Angeles County.

City businesses continued to save tax money through California’s Enterprise Zone program.

Enterprise zones are intended to help business owners by providing tax breaks for hiring disadvantaged people, such as laid-off workers, veterans and convicts.

In October 2010, city businesses were issued 139 vouchers for creating or retaining jobs through the program. The vouchers could mean a potential tax savings of more than $6 million for local businesses.

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