Residential Construction Growth in Colorado
It seems that the residential construction business in Colorado has been able to overcome the problems of recession and it has started to rebound. It seems now that it would rebound in record breaking fashion and we would soon see the resurgence of a huge single family housing market. This is also evident from the value of the residential buildings permits which has now topped almost double the mark that was there during the time of recession. Also the head of the Regional Building Department believes that it is indeed a good time for the residential building market.
Evidence Found in Data The building permits that were provided last year shows that the single family and the detached homes accounted for almost half of the total permits, as is evident from the records in the Regional Building Department. Also, it is now seen that the mortgage rates and the credit pent-up demand are now well below and hence it is the favorable time for the residential growth. There is now increasing activity on the part of the construction companies, especially for those who are specialized in making residential buildings. The growth in the business of the electric companies who do wiring of the homes also proves evidence to the fact that the residential housing business is growing steadily. The wiring companies are extremely busy with their workload nowadays by midyear. From the early summer to the end of summer the workers of the company work overtime consistently.
What do the Construction Companies Say? Construction companies expect to hire more in this year as they are also expanding their businesses. The companies which are in the business of making residential complexes are now saying that they need more people as they cannot survive in the business only with the workforce that they have now. The other companies are also benefitting from this boom in the residential construction business. As for example, the company American Overhead Door in Colorado Springs has added about 15 companies in the last three and half years. It has also bought nine vehicles and has also increased the area of the land that it has leased. The companies that are into providing building materials and the construction services and provide building materials for various residential complexes are also expanding, hence proving that the real estate business is really doing well.
The Future of the Business It seems that there would be increase in the residential growth in the coming years and that would also see increase in the jobs in the real estate, thereby increasing in the revenue of the companies. On the whole from the trend, it is clear that the companies which are in the residential construction business are now doing really well in the business. Along with those companies, there are other companies which are also benefitting and hence the whole real estate market can hope for a brighter future.