REAL ESTATE : Permits for Residential Construction Drop 19% in 1st 5 Months of 1988
- Share via
The number of construction permits issued to builders of houses and condominiums in Orange County dropped 19% through the spring, according to the Construction Industry Research Board.
Local governments issued permits for 10,111 units through May, the latest figures available, for a total of $969 million worth of permits.
Last year, 12,498 permits had been issued through May, but they totaled $900 million worth.
In giving a reason for the drop, builders say it takes longer to get local government approval for their subdivisions. They also say a scarcity of suitable land and high land prices have retarded home building.
The permits issued so far this year are split almost evenly between single-family houses and condominiums and apartments. Of the 10,111 units, 4,929 were single-family homes and 5,182 were in multifamily dwellings.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
