Los Angeles Residential Building Permits Plunged More than 50% as of August 2009
Los Angeles residential building permits posted an annual drop of over 50% according to data provided by the US Census Bureau and the National Association of Homebuilders (NAHB).
In particular, residential building permits in the Los Angeles-Long Beach metropolitan area over the period January-August 2009 decreased to 5,210 from 11,270 in the same period last year, representing an annual drop of 54%.
The decrease in building permits was considerably larger in the multi-family segment of the Los Angeles residential market.
In particular, multi-family building permits in the Los Angeles-Long Beach metropolitan area over the period January-August 2009 amounted to 2,910, representing a 63% drop compared to the 7,770 building permits that were issued during the same period last year.
However, single-family building permits amounted to 2,300, representing a 34% decrease compared to the 3,510 building permits that were issued during the same period last year.
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