REAL ESTATE - Figures Point to Drop in Construction of Homes and Apartments in 1989
It looks as if construction of new homes and apartments will be down in Orange County this year. That is the tale new figures from the Construction Industry Research Board tell.
As of August, with a third of 1989 left, builders had obtained building permits for just 11,534 units. Last year--for the entire year--builders obtained 23,455; the year before they got 24,698.
Permits are an approximate indicator of construction activity because most units are built within a few months of obtaining a permit. Here is how this year’s permits break down through August: Houses accounted for 5,903 permits, while such attached housing as condominiums and apartments totaled 5,631.
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