Despite a slight dip in the number of new residential building permits issued in San Luis Obispo County for the second quarter of this year compared to the same period in 2015, the estimated cost of construction rose across all categories, data from the Home Builders Association of the Central Coast shows.
A total of 206 residential building permits were issued in April, May and June compared with 215 permits in those same months last year. Because of fluctuations in the building process from month to month, the number of permits issued are compared year over year.
The slight decrease in permits reflects a drop in single-family units being built, which was nearly offset by a substantial jump in multifamily units.
In the second quarter, building permits for single-family units declined by 28 percent with 142 permits issued, compared to 197 permits in the same months in 2015.
The number of multifamily units increased from 18 units in the second quarter of 2015 to 64 units for the same quarter this year — a 255.6 percent increase year over year. Multifamily housing includes duplexes, three- to four-unit structures and apartment-type structures with five or more housing units.
The estimated cost of construction for all residential building permits issued in San Luis Obispo County — also known as residential valuation — was about $77.6 million, compared with about $77.2 million in the year-earlier period. That represents a year-over-year increase of nearly 0.5 percent.
The total valuation of all San Luis Obispo County building permits issued — residential and nonresidential (which includes commercial, industrial, alterations, additions and other) — was about $110 million for the second quarter in 2016, up nearly 1.9 percent from about $107.9 million in the year-earlier period.
Statewide, the total valuation of all building permits issued in the second quarter was about $15.9 billion, up about 11.6 percent from the year-earlier quarter.
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