The Pikes Peak Regional Building Department issued 332 permits in August for the construction of single-family homes in El Paso County, a 9.2 percent increase over the same month a year ago, a recent report shows.
Regional Building also issued 2,383 single-family permits through the first eight months of 2017, up 1.6 percent over the same period last year, according to Regional Building’s report.
Permits for 2017 continue to be on pace to match or surpass last year’s total of 3,237, which were the highest in a decade.
Low mortgage rates continue to be one of the biggest factors driving the housing market, builders and economists have said. Last week, 30-year, fixed-rate mortgages averaged 3.82 percent nationally – the lowest since mid-November, according to mortgage buyer Freddie Mac.
Builders and economists also have credited a stronger economy, more jobs and improved consumer confidence for a boost in home construction.
Another plus for the local market: a tight supply of existing homes on the resale side of the market has prompted some buyers to purchase new homes. Also, some Denver-area workers are commuting to their jobs and buying homes in Colorado Springs and El Paso County, where housing costs are tens of thousands of dollars less, real estate experts have said.
The homebuilding industry is a key part of the economy in the Pikes Peak region, and is tracked closely by area economists and business people.
Thousands of people work in the homebuilding industry, including carpenters, framers, drywallers, electricians and plumbers. Also, sales taxes collected on the purchase of building materials pump millions of dollars into local government coffers and help fund roads, parks and other basic services.