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Home construction on the rise in Pikes Peak Region after two years of declining numbers

Posted at 1:43 AM, Jun 06, 2024

COLORADO SPRINGS — After two years of dwindling single-family housing permit numbers, home construction is on the rise again in the Pikes Peak Region.

The number of single-family home permits pulled from Jan. to May this year (1,463 permits) is 32% higher than the same time last year. That's according to data from the Pikes Peak Regional Building Department (PPRBD).

Greg Dingrando, a spokesperson for PPRBD, said the number of single-family housing permits in 2023 was the lowest seen in nine years at 2,665 permits. After a two-year housing drought from 2022-2023, he said the region is seeing a rebound.

Single-Family Home Permits
The number of single-family housing permits in the Pikes Peak Region declined in 2022 and 2023, but data from Jan. to May of 2024 shows a 32% increase in permits compared to the same time last year.

"That means a lot more homes are going to be coming available probably later on this year, if not early next year," said Dingrando.

Here's a breakdown of the number of permits pulled from Jan. to May 2024 in each jurisdiction of the PPRBD:

Colorado Springs- 775 permits
El Paso County- 530 permits
Monument- 94 permits
Fountain- 35 permits
Woodland Park- 22 permits
Manitou Springs- 3 permits
Palmer Lake- 3 permits
Green Mountain Falls- 0 permits

Dingrando said most of the new homes being built are in neighborhoods on the north side and east of Colorado Springs, including Banning Lewis Ranch, Lorson Ranch, Falcon, Northgate, and near Interquest Parkway.

"Really, it's all about just adding to the number of homes that are available here in the Pikes Peak Region," he said. "We know there is a desperate need for housing here in the Pikes Peak Region when you look at the number of people that are moving here."

Thomas Garmong, President of the Colorado Springs Housing & Building Association, said the increase in new builds is promising.

"New housing supply is always a good thing," he said. "We need more housing to service these folks to give them a chance of homeownership."

He said the price for the new homes coming into the market span a wide range, but many are listed well above the county's average home price of around $450,000.

Dingrando said even if you can't afford to buy a new home, adding more supply to the market can help everyone looking to purchase a home.

“Somebody is going to be moving into that new home, so then maybe you can move into their home," he said.

The rising trend in single-family home construction is expected to continue. PPRBD data shows plan submittals for new homes are up 26% compared to the same time last year. Dingrando said once plans are submitted and approved, that leads to a permit.
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