Permits for Colorado homes in El Paso County surpassed the numbers in every other county in Colorado, according to the Colorado Springs Business Journal on January 21, 2013. In the first 11 months of 2012, there were 2,208 building permits issued in El Paso County. The area includes outlying communities such as Woodland Park, Manitou Springs, Peyton, Fountain, Monument, Black Forest as well as Colorado Springs homes.
It is encouraging to see over 2,000 new single-family homes in Colorado Springs are being constructed, especially after the multi-year slump. In the Business Journal article by Amanda Miller, she states that construction permits for single-family homes in the Pikes Peak Regional Building area were up “about 50 percent over 2011 totals.” Neighboring Douglas County came in second with over 1,500 and Larimer County third with more than 1,000 permits for single-family homes.
Miller also explains that El Paso County ranked fifth in the percentage of new building permits with 9.1 for every 1,000 existing homes. Douglas County ranked first with 15 new permits per 1,000 existing homes.
The Colorado Division of Housing keeps track of the number of building permits pulled in each county. For many decades, analysts have used the numbers building permits and housing starts to access the economic vitality in communities across the nation. Both are considered leading indicators, although the Census Bureau cautions about jumping to conclusions about these numbers. “It may take four months to establish an underlying trend for building permit authorizations, five months for total starts and six months for total completions.”
Building permits help gauge future real estate supply levels and can be used to determine business cycles. Nonetheless, the number of building permits for single-family homes does not tell us the size or quality of the homes being built. Housing starts are good indicators of the business cycle and a reasonable tool used by real estate investors.
For information about possibilities of real estate Colorado Springs, contact Ann Heiring, top local REMAX agent at (719) 440-1010 or Toll Free at (800) 246-8978 to learn how our acclaimed city can work hand in glove to help you achieve your lifetime goals. In appreciation for those who serve our nation, Ann offers rebates for active and retired military.