Housing Permits Trail 1987 Pace
Permits for new housing in California were taken out at a seasonally adjusted annual rate of 255,000 units in June, 4.9% faster than the May pace but 2.2% slower than the rate of a year earlier, according to the Construction Industry Research Board.
Permits for single-family homes were taken out at a 164,900-unit annual rate in June, up 2.9% from May and 24.4% faster than the rate of a year earlier. Ben Bartolotto, the board’s research director, attributed much of the increase to builders who were rushing to get their permits before local growth-control measures could be passed.
The June single-family permit pace was the highest since December, 1986, when builders were rushing to take out permits in order to beat the adverse affects of changes in the nation’s tax code.
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