The following chart was taken from our local building department in Colorado Springs (The Pikes Peak Regional Building Department). It shows the total number of permits granted since the beginning of the year1.
As you’ll note, in February 2009, there were 2,078 permits for “Res Alts”(short for “Residential Alterations” or in English, “Remodels.”) Now, compare that to the 79 “Single Family” (aka “New Home”) permits pulled in that same month. What this means is that there are 2,603% more remodels under construction than there are new homes being built.
What this means for you:
Remodeling is very popular right now, even while new home construction is not. Even during a near-standstill for the residential construction industry in general, homeowners are still remodeling their homes in droves. Making an investment in your current home is still worth the money.
1 “Number of Permits.” PPRBD: Charts. Pikes Peak Regional Building Department. 22 Mar 2009 <http://www.pprbd.org/PublicAccess/Charts.aspx>.
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