REAL ESTATE : County Housing Construction Permits Fall Behind the Pace Set During 1988

Housing construction in Orange County this year seems to be running behind the 1988 pace.

Last year, builders got permits for 11,514 homes, according to the Construction Industry Research Board. Permits correspond roughly to the number of homes actually built.

This year, local governments had issued 5,143 permits through July. If that number is extrapolated through the rest of the year it would total less than 1988’s rate.

In apartments, builders got permits last year for 11,941 units. This year, well past the midway point, it’s only 5,197 through July, also off last year’s pace.

Altogether, permits for 10,340 apartments and homes were issued by local governments through July. Last year, for the entire year, it was 23,455.

Meanwhile, F.W. Dodge Group reported that contracts for housing construction in Orange County fell 26% through July compared to the first seven months of last year. The actual value of the contracts, according to Dodge estimates, were $854 million this year and $1.2 billion last year.

Nonresidential construction--everything from offices to roads to schools--fell 14%, from $745 million to $641 million.