Although the prognostication really didn’t require a crystal ball, it seems that our prediction that 2017 would be another robust year for homebuilding came true. At least — so far.
Pikes Peak Regional Building Department’s report for January 2017 showed 207 single-family building permits issued in El Paso County, a 10.7 percent increase over January 2016. This number also represents the most building permits issued in January since 2006.
Local housing industry members are optimistic about this great start and have every expectation that the next 11 months of 2017 will follow suit. You may recall that last year, single-family homebuilding permits totaled 3,237 — a 10-year high. The local optimism is fueled by historically low mortgage rates and our booming local economy, which is mirrored in the number of monthly building permits issued.
Optimism was also thick in the air at the University of Colorado Colorado Springs 20th Annual Economic Forum which took place at The Broadmoor hotel Oct.14, 2016. In his introductory remarks, Mayor John Suthers called our economic climate “quite good” and noted our city’s economy “is the absolute baseline for everything we want to do.”
Suthers pointed to the 9,000 new jobs created in the county in 2015. While 2013 and 2014 saw about 5,000 new jobs each year, 2015’s numbers represented an impressive 40 percent increase as the area makes its way back from the recession. Mayor Suthers predicted that 2016 would surely end with healthy numbers, and 2017 could expect job growth to continue at the same rate, with much of the growth coming in:
- Health care
- Professional and technical services industries
- Real estate
- Rental and leasing markets
The mayor pointed to the fact that there aren’t enough workers to fill available positions and quoted an impressive average salary for the region in excess of $60,000.
In a recent Gazette article, Rich Laden reminds us that the accelerated pace of homebuilding benefits Colorado Springs and other local governments thanks to the “sales tax revenues collected on the purchase of building materials, appliances and other home-related products help pay for basic government services such as public safety and parks.”
We say: win-win!
Are you ready to make the home of your dreams an exciting reality in 2017? Industry leader Saint Aubyn Homes offers new single-family homes in Colorado Springs and Northern Colorado. If you don’t have time to wait for your dream home, you might love one of our skillfully crafted, energy-efficient homes currently available in one of our desirable communities. Our goal is to provide you with an irresistible and flawless homebuying experience. For more information, please visit SaintAubynHomes.com.