Tuesday, February 28, 2012

Multifamily permits up 109 percent in Janaury compared to 2011

During Janaury 2012 in Colorado, building permits issued for multifamily construction were up 109 percent, year over year, while permits issued for single-family construction were up 41 percent for the same period.

During the month, 287 multifamily permits were issued in Colorado, and 696 single-family permits were issued. During January 2011, there were 137 multi-family permits issued, and 492 single-family permits issued. January 2012's single-family permits were down 74 percent from 2006's January peak of 2,719 permits. Multi-family permits during January were down 61 percent from 2008's January peak of 739 permits.

The second graph shows that overall, both multi-family and single-family permits in January were at levels well below what were typical over the past decade. During recent months, however, both multi-family and single-family permits have shown a slow upward trend.

During January 2012, the number of new multi-family permits issued was up from January 2011, and was the highest January total reported in four years. January continued a general trend in which monthly multi-family permits have been at multi-year highs during recent months.

December was another flat month for single-family permits for the most part, although January's single-family total was at a four-year high. Overall January totals were well below January totals seen before 2009, but has nevertheless shown a mild growth trend since.

Once again, multi-family growth trends outpaced single-family growth.