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Colorado 3rd in U.S. for housing permits

 

Last updated 8/4/2021 at 9:46am | View PDF

Courtesy of BigRentz, inc.

This map shows states with the most building permit requests. Colorado is in the top 3 for new home permit rankings, according to data from the U.S. Census Bureau.

Thanks to strong demand and record-low supply, the housing market has felt impossible to break into in the last year.

In fact, it's become so impossible that many buyers are deciding to build their own homes instead.

Where is the most home development happening? Rental network Bigrentz, Inc. analyzed recent U.S. Census data to find out, and Colorado ranked NO. 3 in America for new building permits.

Highlights include:

• Colorado has issued 245,673 permits since 2015

• That's 6.34 permits per 1,000 residents

• Colorado has seen a 691-percent increase in permits since 2015

The picture across the U.S.

In May 2021, the National Association of Home Builders' NAHB-Wells Fargo Housing Market Index, which measures builder confidence in constructing single-family residences, showed a score of 83 points. This is up from just 37 in May of 2020. The 2021 score is one of the highest ever.

The increase in scores accompanies more construction of single-family units. A lack of resale inventory, low mortgage interest rates, and a growing pool of home buyers are among the driving factors for the increased confidence and growth in construction, according to NAHB Chairman Chuck Fowke.

After looking at the overall picture of housing development in the United States, Bigrentz went on to see which states are seeing the biggest portions of the growth in the industry.

To uncover the states seeing the most development, Bigrentz looked at the total permits per capita by state, with a date range of 2015 to 2020. They found that the states seeing the most development were mostly in the west.

In first place is Idaho, followed by Utah, then Colorado. South Carolina and Delaware are fourth and fifth, respectively.

Colorado's 42 state parks and four national parks make it a favorite for lovers of the outdoors. It also has some budget perks, with utilities 17.3 percent cheaper than the national average, and incomes 17.4 percent higher.

It saw a 690.98-percent increase in total permits issued between 2015 and 2020, which is a 3.72-percent increase per capita. In 2020, there were 46,844 units built, and for the entire 2105-2020 period, there were 254,673.

In the Pikes Peak region, there have been at least 3,000 single-family home permits pulled this year, as of July 29.

Colorado is also the 8th-most popular state for people to move to.

To see the full report, visit https://www.bigrentz.com/blog/states-with-most-home-development

 

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