The pace of Colorado Springs-area homebuilding soared in January, picking up where a strong 2017 left off, according to a Pikes Peak Regional Building Department report.
Building permits issued for the construction of single-family homes in El Paso County totaled 295 in January, a nearly 43 percent year-over-year jump, according to the report. Last month’s permit total also was the highest for any January since 2006.
Last month’s total follows the 3,504 permits that were issued in 2017, the highest for any year since 2005.
Like many cities, the Colorado Springs-area housing market has surged in recent years. An improved economy, more jobs, improved consumer confidence and pent-up demand are among factors that have driven construction and resales, real estate experts and economists have said.
Low mortgage rates also have stoked demand for homes, although borrowing costs have risen of late.
Nationally, 30-year, fixed-rate mortgages averaged 4.22% last week, according to mortgage buyer Freddie Mac. That’s the highest rate since March.
Homebuilding is a key part of the Pikes Peak region’s economy, and therefore is closely watched by economists, business leaders and government officials.
The industry employs thousands of people. At the same time, Colorado Springs and other local governments collect tax revenue from the sale of building materials and use that money to help fund their budgets.
Tribune Content Agency