REAL ESTATE
Permits for construction of single-family homes in Orange County fell through the floor in January, the Construction Industry Research Board reported.
Local governments issued permits for 480 houses during the month, down 29% from a year ago when 670 permits were issued. Across the state, permits for houses rose 14% from a year ago, the research board reported recently.
Permits for multifamily units--apartments and condominiums--didn’t fall nearly as far as houses in Orange County. That’s partly because multifamily construction has already dropped in Orange County and around the country due to changes in the federal tax laws that eliminated tax benefits for building apartments.
Last year, for instance, construction of multifamily units was off nearly 23% in the county.
Altogether, permits for all types of residential units in the county fell 21% in January from a year ago.
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