Larimer County is one of the hot spots in the state for new housing activity, according to figures released by the Colorado Division of Housing and the U.S. Census Bureau.
During the first 10 months of 2011, Larimer County issued building permits for 454 multifamily housing units, a 23 percent increase over the same period in 2010. The county also issued 611 new single-family permits between January and October, a year-over-year increase of 69 percent.
Larimer, Jefferson, Denver and El Paso counties accounted for 87 percent of the 3,305 multifamily permits issued throughout the state this year. Arapahoe, Mesa, Boulder and Douglas were the only other Colorado counties to issue multifamily permits.
“With apartment vacancy rates headed below 5 percent in Denver, Larimer and El Paso counties, the markets appear to be responding to tight vacancies with plans for future construction,” according to Ryan McMaken, spokesman for the housing division.
The total number of single-family permits issued in Larimer County was third highest in the state, after El Paso and Douglas counties. Weld County’s 546 single-family permits put it at fifth in total permits, and when the totals are adjusted to the number of existing housing units in each county, it was among those with the highest permit activity.
“Weld County reports a surprisingly large number of new single-family permits in the wake of very high foreclosure totals,” McMaken added. “Much of the new permit activity is coming from expanding communities in southern Weld County.”