According to a Construction Industry Research Board report, only 48 permits were pulled with a total value of $5.3 million. In November 2000, 254 permits were pulled for a $32 million value.
Year to date, builders have pulled permits for some 5,336 multifamily units, a 7.95% drop from the 5,797 during the same time period in 2000.
Despite fewer permits, total valuation was up, thanks to the surge in upscale apartments and condominiums. Permits totaled $573.9 million in value through November, 1.83% higher than the $563.6 million through November 2000.
Office and retail permit activity fell to $7.98 million worth of structures in November, compared to $37.2 million in November of last year.
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