Colorado Springs-area builders remained busy last month, as the furious pace of home construction and strong demand on the part of buyers showed no signs of a slowdown.
In April, 320 permits were issued to area builders for the construction of single-family homes in El Paso County - most of those in the Springs. That is a 12.3 percent increase over the same month last year, according to a report released Monday by the Pikes Peak Regional Building Department.
Going back to the start of 2015, permit numbers have increased in 13 of the last 16 months.
For the first four months of 2016, single-family home building permits totaled 1,087. That's a one-third increase over the same period last year and the best four-month total to start any year since 2006.
Homebuilding industry officials have pointed to a series of factors that have boosted construction.
Among them: a stronger local economy and the addition of several thousand jobs, which have bolstered consumer confidence; historically low mortgage rates that remain well below 4 percent for long-term, fixed-rate loans; a tight supply of existing homes for sale that has driven some buyers into the new home market; and an influx of Denver-area residents who are buying homes in northern El Paso County, where they can purchase more home for less money.
Home construction is considered a key barometer of economic activity and is watched closely by builders, economists and local government officials.
The industry employs thousands of people as carpenters, drywallers, electricians and the like. At the same time, the purchase of building materials pumps millions of dollars into the coffers of local governments; that money, in turn helps fund public safety, parks and other government services.
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