REAL ESTATE : Permits for Residential Construction Drop 19% in 1st 5 Months of 1988
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.
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