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Building hits new low
By: The Californian | ∞
Local governments in Riverside County issued building permits for fewer houses in August than in any other month in at least five years, an industry group reported Monday.
Still struggling to pare down inventories of unsold houses, local developers obtained just 627 permits for single-family homes, according to a monthly report from the Construction Industry Research Board.
Including condominiums and apartments, local governments issued permits for 1,181 housing units, according to the group. That puts the county on track to add about 15,000 homes for the year, making 2007 its slowest this decade.
As measured by estimated value, commercial, industrial and other nonresidential construction in the county is heading to fall just short of a record set in 2006.
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