Measured in building permits, multifamily developers in California have pulled back in the first half of this year while home builders got busy, according to the latest statistics from the U.S. Census Bureau.
Multifamily permits from January through June totaled 19,035 in California, a 27% drop from the previous six months and the lowest number of filings to build apartments in 12 years.
Meanwhile, home builders in the Golden State filed for 31,653 single-family housing permits in the first half of the year, a 13% increase over H2 2023 and 14% more than the 10-year average, the Orange County Register reported.
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