Statistics on homebuilding permits in Orange County in 2015 indicate that quite a bit of residential construction occurred in the county last year.
The statistics cover the January-to-October period of 2015. According to the statistics, 10,664 homebuilding permits were issued over that period. This is the biggest January-to-October permit total the county has had since 2000 and is nearly 2,000 permits higher than the total for 2014 for this period. This total also makes 2015 the sixth year in a row that the county saw a year-over-year increase in the permit total for January to October.
This high number of homebuilding permits was largely driven by multifamily housing unit construction. Of the permits issued in the county during the January-to-October period in 2015, 7,077 were permits for multifamily housing units (apartments are included in this category). This is the highest amount of multifamily unit permits that have been issued in the county for this period since 1990.
High demand for rentals is being pointed to as driving the increase in the building of multifamily units in the county.
Do you think this trend of lots of residential construction will continue this year?
Trends of lots of home construction can create significant opportunities for construction companies. An important thing to remember though is that a range of different things can impact how financially beneficial a given home construction project ends up being for a construction company. One is how the various legal issues that come up in relation to the project are dealt with. Construction-related legal issues, such as contract disputes or disputes regarding other aspects of a project, can have significant financial implications. Thus, a construction company may want to have experienced legal guidance when dealing with such issues.
Source: The Orange County Register, “O.C. homebuilding at its highest level in 15 years,” Jeff Collins, Dec. 13, 2015