The number of building permits issued for new apartment units dropped by 63 percent in 2024 when compared to the previous year, causing a “dramatic cooling off” of the commercial construction sector in the Pikes Peak area.
That’s according to a recent report from the regional building department, which handles permits for El Paso County, Colorado Springs, Fountain, Manitou Springs, Green Mountain Falls, Monument, Palmer Lake, and the City of Woodland Park in Teller County.
It was the second consecutive year that the number of new apartment permits declined, with just 838 units permitted. That's the lowest number in a decade.
There are still thousands of new apartments coming online though, due to projects already under construction or recently finished.
Nearly 3,800 new apartment units were ready for renters last year, an increase from more than 3000 in 2023. The agency expects similar numbers this year, since upwards of 6,000 apartments are still under construction.
More building permits were issued for single family houses, duplexes, and townhomes by the Pikes Peak Regional Building Department last year than the previous two. That increase comes after two years of declines. A few dozen new residential condominium units were permitted last year too, the first since 2021.
The agency also issued more than 16,000 reroof permits. Quite a few were a result of hail damage from storms in 2023.The total value for all construction, including commercial, in the Pikes Peak region last year was around $3.4 billion.
2024 overview provided by the Pikes Peak Regional Building Department:
Building Permits Issued
- Single Family Homes: 2,854 (7% increase compared to 2023)
- Apartment Units: 838 units (63% decrease)
- Hotels: 2 projects
- Condos: 42 units (1st condos since 2021)
- Reroof Permits: 16,139 (9% decrease)
Plan Review
- Total Plan Submittals: 12,338 (6% decrease compared to 2023)
- New Residential Plans: 2,879 (6% increase compared to 2023)
- New Commercial Plans: 283 (6% decrease)
- New Apartment Plans: 39 (39% decrease)
- Total Reviews: 50,580 (11% decrease)
Inspections
- Total Inspections: 296,112 (3% increase compared to 2023)
- Daily Average: 20.7 per inspector
- Department Daily Average: 1,179 per day
Sampling of New Commercial Projects
Project estimated valuation or number of units
- Patriot Park Apartments: (294 Units) $60 million
- Abrams Elementary: (D8) $40 million
- King Soopers: x 2 (Fountain & Flying Horse) $37 million combined
- CSFD Fire Station #24: $10.5 million
- Bentley Commons: 168 units of affordable housing
- Epicenter Apartments: 408 unit apt complex
- Fiona Apartments: 321 units
- Ford Amphitheater: No information provided
- USAFA Visitor Center AND Hotel Polaris: No information provided
- New home construction is on the rise in the Pikes Peak region after a two-year slump
- In reversal, controversial annexation of 3,200 acres southeast of Colorado Springs fails
- Work to reclaim the century-old Pikeview Quarry northwest of Colorado Springs is nearing completion
- Billions in new projects expected to increase utility bill base rates in Colorado Springs
