The housing downturn has now affected upper price

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2002 through 2008 to a slight decline in 2009 and a 2% increase, to $261,656, for 2010. Although low demand continues to limit material and labor cost increases, preliminary census data indicate higher average values, perhaps a result of a shift to somewhat larger homes compared with the past two years. This results in the forecasting of a 5% increase in permit value per unit in 2011, to $275,000, and a 3% increase in the following year, to $283,250. Multifamily Housing Multifamily permit activity grew in 2011, but remained well below levels for 2003 through 2008, when an average of 7,000 units per year were permitted. Expectations are for 3,600 units to be permitted in 2011, an uptick of 29%. Most of the growth resulted from increased apartment construction in Front Range metro areas. In other parts of the state, apartment activity remained subdued or fell slightly. Condominium construction continues to be depressed throughout Colorado. Rental markets tightened in most areas of the state in 2011, and Front Range a...
View Full Document

This note was uploaded on 02/11/2013 for the course MGMT 231 taught by Professor Yu during the Spring '13 term at Bauder.

Ask a homework question - tutors are online