During the first eleven months of 2011 in Colorado, building permits issued for multifamily construction are up 110 percent, year over year, while permits issued for single-family construction are up 2.4 percent for the same period.
This year, through November, there have been 3,521 multifamily permits issued in Colorado, and 8,687 single-family permits issued. For the same period during 2010, there were 1,671 multi-family permits issued, and 8,477 single-family permits.
For the month of November alone, single-family permits are up, year-over-year, by 14.3 percent, and multi-family permits are up by 66 percent. There were 724 single-family permits and 186 multi-family permits issued during November 2011. There were 633 single-family permits and 112 multi-family permits issued during November 2010.
The second graph shows that overall, both multi-family and single-family permits in November were at levels below what were typical over the past decade, but that both are increasing.
During November, the number of new multi-family permits issued was up from November 2011, and was the highest November total reported in three years. 2011 overall has shown some significant growth in multi-family activity.
Growth in single-family permit activity suggests there is some hope among single-family homebuilders, but that demand is restrained. November's permit total for single-family units was at a 3-year high, although it remains well below typical November totals reported over the past decade.
Conclusions: This data further reinforces the notion that interest in new multifamily construction continues to increase at a much faster rate than interest in single-family construction.