Colorado Springs Is Holding Steady
Posted: August 26th, 2008 | Author: admin | Filed under: Area News |Here’s a bit of good news, wrapped in the obligatory negative headline. This is from the Colorado Springs Business Journal. This talks about what we already knew, here in Colorado Springs we are holding steady.
The real drama is playing out on the coasts and in the rust belt.
Housing permits drop below 1991 levelsSingle-family permits in northeast, midwest and western regions of the country are below their respective 1991 levels, and the South is well on its way to a similar decline. Researchers at John Burns Real Estate Consulting reported that most Colorado communities have been spared the worst declines and show slightly less than a 5 percent drop overall. Grand Junction and Greeley fared best with home prices adjusting up by 4.4 percent and 2.2 percent, respectively. Colorado Springs showed a modest 0.8 percent increase – but compared favorably with some communities in California that saw price declines in excess of 25 percent. In all regions, single-family permits have declined by 50 percent or more from peak levels. “The result has been a devastating impact on building product manufacturers and subcontractors, who have seen their revenue cut in half in a very short time period,” the report said. Multifamily construction has fared much better in comparison, and has kept total construction activity from falling to sub-1991 levels. Multifamily permits have declined just 21 percent from their most recent peak in September 2005, while single family permits are off more than 50 percent nationwide. |