Orange County residential development is now at its highest level in 15 years, led by new multifamily projects, according to data compiled by the Sacramento-based Construction Industry Research Board (CIRB).
Developers pulled permits for 10,664 new housing units in Orange County from January through October, the highest year-to-date total since 2000, notes CIRB, and of those, 7,077 units were in multifamily development. That's the most since 1990, according to the Orange County Register.
Development is following rising rents, which have increased about 14% since the beginning of 2010. [OCR]
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