REAL ESTATE : Commercial Building in County, as in State, Continues to Decline
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Commercial construction continued to decline through October in Orange County, as it did throughout the state.
The Construction Industry Research Board reported recently that building permits for offices dropped 36% in October compared to last year in Orange County and were down 36% statewide. Permits for industrial buildings dropped 45% in the county and 2% statewide. And hotel permits declined 54% in the county and 8% statewide.
Only stores showed an increase in building permits. They rose 17% in the county over last year and were up 0.7% for the state.
Most parts of California--and much of the nation--suffer from overbuilding and a glut of empty space. Most lenders have stopped making real estate loans for new projects, and building permits are expected to fall still further next year.
Building permits are an indicator of future construction, usually within six months or so after they are issued by local governments.
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