Monday, July 30, 2012

At mid-year, multifamily permits up almost 200 percent

The Census Bureau released new permit data last week:

Through June 2012 in Colorado this year, building permits issued for multifamily construction were up 198 percent, year over year, while permits issued for single-family construction were up 34 percent for the same period.

During June 2012, 908 multifamily permits were issued in Colorado, and 1,347 single-family permits were issued. During June 2011, there were 170 multi-family permits issued, and 980 single-family permits issued. The first graph shows permit activity for the first six months of the year since 1998. Through June of this year, there have been 5,998 single-family permits and 3,536 multifamily permits issued.

For June alone,  multifamily permits are up 434 percent and singlefamily permits are up 37 percent, compared to June 2011.

The second graph shows that overall,both multifamily and single-family permits continue to move upward with the most recent three months being particularly active in multifamily permitting.

During June 2012, the number of new multi-family permits issued was at a five-year high and far above any other June totals since 2008.

Single-family permits for June were also at a five-year high and actually topped the pre-financial-crisis permit total from 2008. this suggests that even single-family construction is beginning to see some real signs of life for the first time since 2008. 

Once again, multi-family growth trends outpaced single-family growth, and June 2012 was one of the strongest months for multifamily activity in recent years.