Construction Up 8% in Thousand Oaks
A rebound in the home construction business pushed the value of construction in Thousand Oaks to $129.4 million during 1985, an 8% increase over the $119.1 million in construction during 1984, city figures on building activity show.
Construction permits were issued for 512 housing units, including 56 renewals of previously issued permits, the report says, representing $83.6 million in housing construction. That is a 21% increase over 1984 residential construction figures.
Permits were issued for $33.5 million worth of industrial and commercial building, and for $12.3 million in remodeling and building alterations.
The 1985 figure marks the highest level of home construction since high mortgage interest rates hurt real estate markets in the early 1980s, according to John Prescott, principal city planner for Thousand Oaks.
The city passed a sweeping slow-growth ordinance in 1980, limiting the number of permits for new housing units to 500 per year. Low-cost, subsidized housing was exempted from the restriction.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
