California building permits drop 29%

Rising mortgage rates and a sluggish housing market have dramatically slowed California’s construction industry, with the number of permits down 29 percent in October from the previous year.

Before things fell apart in October, California’s permitting pace was 14 percent above the pre-pandemic 2015-19 average. Again, 12,912 permits were filed in California in first 10 months of 2022, the most activity in the state since 2005.

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