Construction in the Pikes Peak region slowed in 2023, but it was still a busy year

The number of permits issued last year for both single-family homes and apartments in the Pikes Peak region was down 25 and 54 percent, respectively, from 2022. But the number of completed projects and potential new projects skyrocketed, according to a Pikes Peak Regional Building Department report. The agency covers Colorado Springs, El Paso County and six other municipalities.

The report shows that about 2,800 new home permits were issued, the fewest in nearly a decade.

But developers submitted a record-breaking number of plans for future multi-family projects in 2023 and nearly 9,000 apartment units were under construction at the end of the year. More than 3,000 new apartment units were finished and ready for new renters.

Commercial permits were down about 28 percent, but some large-scale projects bolstered that sector and submissions of plans for new projects rose to their highest levels since 2007.

The total estimated value for all types of construction around the region was about $3.5 billion in 2023.

Highlights from the 2023 Pikes Peak Regional Building Department Report

Some of the Larger/Noteworthy New Commercial Projects (Project Estimated Valuation)

1. Entegris - $115 million

2. The Hunter Apartments - $53 million (214 Units downtown Colorado Springs)

3. Eagle Rock Liquor Distribution – $45 million (In Monument)

4. Sunset Amphitheater $24 million

5. COS Airport Renovation $14.2 million

Notable Projects Completed in 2023

1. Centura Hospital

2. VIM Apartments (154 Units downtown Colorado Springs)

3. The Plaza at Pikes Peak (215 Units - Largest Apartment project to be completed)

4. Dave and Busters

5. Shake Shack

Permits

1. Single Family Homes - 2,785 (25% decrease)

2. Apartment Units - 2,248 units (54% decrease)

3. Hotels - 3

4. Reroof Permits Spiked - 65,879 (173% increase; summer hailstorms)

Plan Review

1. Total Plan Submittals - 13,795 (9% decrease compared to 2022)

2. New Commercial Plans - 419 (7% increase compared to 2022)

3. New Apartment Plans - 93 (24% increase compared to 2022)

4. Total Reviews - 56,876 (9% decrease over 2022)

Inspections

1. Total Inspections - 286,524 (Down 16% compared to 2022)

2. Daily Average - 18.7 per inspector

3. Department Daily Average - 1,146 per day

4. Miles Driven - 1,255,217 miles

Construction in the Pikes Peak region slowed in 2023, but it was still a busy year

Highlights from the 2023 Pikes Peak Regional Building Department Report