Thursday, March 28, 2013

Almost all new multifam permit activity this year in Broomfield, Denver, El Paso and Larimer counties

According to the Census Bureau, new county-by-county permit data through February shows that 93 percent of multifmaily permit activity this year has taken place in only four counties: Broomfield, Denver, El Paso and Larimer counties. 

This article is about multifamily permits only. 

In the county-level permit data, there was a total of 1,598 multifamily permits through February of this year, and 1,490 of these were issued in Broomfield, Denver, El Paso and Larimer counties. 

So far this year, there has been very little activity outside of these core areas with zero permits issued so far in Adams, Araphoe, Douglas, Mesa or Pueblo counties.

Multifamily permit totals for metropolitan counties in Colorado were (Jan-Feb 2013):

Adams 0
Arapahoe 0
Boulder 76
Broomfield 244
Denver 836
Douglas 0
El Paso 260
Jefferson 8
Larimer 150
Mesa 0
Pueblo 0
Weld 24

Year-to-year growth: 

Total permits were up 279 percent statewide from Jan-Feb 2012 to Jan-Feb 2013. 

Through February, multifamily permits grew 271 percent year over year in Denver County, while Broomfield permits increased from zero to 244 over the same period. 

Multifamily permits grew 2,400 percent in Larimer county from 6 to 150 over the period. 

Some analysts have expressed concerns that industry developers may cut back on new development in 2013 in order to avoid declines in rent levels for new units. So, far there is little indication that builders are cutting back. 

See here for full data. 

Note: This county-by-county data will not match up with statewide data shown here, due to differences in methods.