O.C. Homebuilders See Slump in Sept.
Orange County homebuilders had the slowest September in 24 years. According to the Construction Industry Research Board, O.C. builders obtained the smallest number of residential building permits for September since 1988. Reasons for the slump include the local building industry pulled permits for four multi-family units. Simultaneously, the single-family homebuilding dropped to the second lowest level for a September since 1988.
According to reports from the research board, the homebuilders pulled permits for 104 housing units in September (including the multi-housing permits). The average number of residential building permits in O.C. for September since 1988 is 654 permits. However, from 2006-11 that average has dropped to 338. The numbers for 2011 in O.C. overall do show signs of a recovery; builders received permits for 4,040 housing units this year to date, which is the highest total since 2007.
Source: OC Register
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