California housing economic output is off 80% since 2005 according to a report by the California Homebuilding Foundation and the Center for Strategic Economic Research.
New housing construction is a key sector of the state’s economy, accounting for about 0.4% of California’s output and ranking among the top 15% of all industries. The larger housing industry, including remodeling, repair, brokerage, property management and financing, accounts for about 11% of all economic activity in California, according to the report. That translates into about $350 billion of output and about 1 million jobs.
