Through May 2012 in Colorado this year, building permits issued for multifamily construction were up 159 percent, year over year, while permits issued for single-family construction were up 33 percent for the same period.
During May 2012, 636 multifamily
permits were issued in Colorado, and 1,262 single-family permits were
issued. During May 2011, there were 131 multi-family permits issued,
and 909 single-family permits issued. The first graph shows permit
activity for the first five months of the year since 1998. Through May
of this year, there have been 4,651 single-family permits and 2,628
multifamily permits issued.
second graph shows that overall, both multi-family and single-family
permits in May 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 May 2012, the number of new multi-family permits issued was up
from May 2011, and was at a four-year high for April, and was the second-highest month for multifamily permit activity in ten years.
permits for May were also at a four-year high. May 2008 was the last
time there were more single-family permits during May which was before the financial crisis.
Summary: As can be
seen in the second graph, overall permit activity is building although
it remains well below peak levels. Both single-family and multi-family
permits were at multi-year highs during May suggesting that overall demand for new housing construction continues to heat up, although at a very moderate pace for single-family units.