ANN WISHART, Valley Press Business Editor

May 8, 2005

Valley homebuilding could hit $1 billion

AV permits up 70%, value up 71%!

LANCASTER - The Antelope Valley is likely to see as much as $1 billion worth of homes built by the end of 2005. If the value of residential building permits issued in cities and the unincorporated areas continues to grow at the current rate - $228 million in the first quarter of 2005 - the housing industry in the Valley could hit the mark. The number of building permits issued across the Valley is up nearly 70% with the value of those permits up more than 71%.

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Gretchen Gutierrez, director of the Antelope Valley chapter of the Building Industry Association, thinks that given good weather and resolution on water supply issues, the $1 billion target is possible. "They haven't even started Ritter Ranch construction yet, and they expect to close houses this year," she said, referring to the 7,300-home master-planned community that broke ground in April west of Palmdale. "Permits ultimately will show up. Right now, Anaverde is driving the west end of Palmdale." Anaverde is another master-planned community under construction south of Ritter Ranch.

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Valley housing permit data:

Home building permits issued in AV

Location Jan.-March '05 Jan.-March '04 % Change Palmdale 445 235 89.4% Lancaster 525 339 54.9% Uninc. AV 150 86 74.4% Total AV 1,120 660 69.7%

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Valley housing permit data:

Value of home building issued in AV

Location Jan.-March '05 Jan.-March '04 % Change Palmdale $101,156 $44,975 124.9% Lancaster $97,565 $65,447 49.1% Uninc. AV $29,293 $22,341 31.1% Total AV $228,014 $132,763 71.7%