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.