During the first ten months of 2011 in Colorado, building permits issued for multifamily construction are up 113 percent, year over year, while permits issued for single-family construction are up 1.5 percent for the same period.
This year, through October, there have been 3,335 multifamily permits issued in Colorado, and 7,963 single-family permits issued. For the same period during 2010, there were 1,559 multi-family permits issued, and 7,844 single-family permits.
For the month of October alone, single-family permits are up, year-over-year, by 9.1 percent, and multi-family permits are up by 433 percent. There were 695 single-family permits and 614 multi-family permits issued during October 2011. There were 637 single-family permits and 115 multi-family permits issued during October 2010.
The second graph shows that overall, both multi-family and single-family permits in October were at levels below what were typical over the past decade, but that both are increasing.
During October, the number of new multi-family permits issued was up significantly from October 2011, and was the fourth-highest September total for multi-family permits in ten 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. October's permit total for single-family units was at a 3-year high, although it remains well below typical September 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.