The Colorado Springs homebuilding industry has had a good year — and it's only four months old.
Permits issued for the construction of single-family homes in El Paso County totaled 1,335 for the first four months of the year, according to a report by the Pikes Peak Regional Building Department.
That figure already exceeds annual totals during the Great Recession years of 2008 and 2009; permits so far this year also are close to surpassing totals from 2010 and 2011.
The Regional Building Department report also shows that for the first four months of 2018, single-family permits are running 22.4% ahead of the same period last year; permits totaled 365 in April, nearly 23% more than the same month in 2017; and single-family permits are on pace to total 4,000 this year, which would be a 13-year high.
The housing industry in Colorado Springs and many other cities finally has staged a strong recovery from the Great Recession; construction has surged, prices have soared and homes are being bought and sold at a frenetic pace.
Historically low mortgage rates have been a major driver. Rates, however, have been on the rise of late. Last week, mortgages averaged 4.55% nationwide for a 30-year, fixed-rate loan, according to mortgage buyer Freddie Mac.
The Pikes Peak region's strong job growth also has driven demand for housing. Colorado Springs has added nearly 25,000 jobs over the past three years, according to the U.S. Bureau of Labor Statistics.
The homebuilding industry is a major part of the local economy; it employs thousands of carpenters, plumbers, electricians and the like. Consumer spending by those workers ripples through the local economy.
Colorado Springs and other local governments, meanwhile, collect sales taxes on building material purchases. Those revenues help pay for roads, parks, public safety and other government services.
