Value of Home, Commercial Building Permits in County Fall From 1987 : REAL ESTATE
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The value of permits issued to build new homes in the county fell 15% in January, contrasted with a year ago. They also fell statewide.
The Construction Industry Research Board reported that permits valued at $122 million were filed during the month in the county, down from $144 million in January, 1987. The research board uses the permit figures as a rough indicator of construction activity.
The value of commercial building permits fell even more in the county, dropping 43% in January, from $140 million to $80 million.
By contrast, booming Riverside and San Bernardino counties showed a 34% increase in residential building permits in January, the board said, from $257 million last year to $346 million this year, more permits than even Los Angeles’ $255-million worth.
Statewide the value of housing permits was down 25% in January. Permits for commercial buildings were down 1%.
Orange County apartment and condominium units led the falloff in permits, with the number issued dropping 74% from a year ago, from 1,500 units to 380 units. But the number of single-family units also showed a decline of 11%, from 750 houses to 670.
Statewide the number of permits issued for houses was down just 7%, and for apartment and condominiums 60%.
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