Wednesday, August 21, 2013

Future Construction contracts soar in the Denver Metro area

Another great sign for Denver Metro housing: contracts for future construction in the Denver-Aurora metropolitan area have soared 47 percent between July 2012 and last month, according to a report released Tuesday by the research and analytics unit of McGraw Hill Construction.
In July 2012, the contracts totaled $264,410,000, and last month, contracts amounted to $389,705,000.
Last month, nonresidential was $116,847,000, a 53 percent increase over July 2012's $76,422,000, and residential was $272,858,000, a 45 percent increase over $187,988,000 for July 2012.
These figures show that builders, developers, and lenders are forecasting major economic growth in the Denver Metro area. As far as the year-to-date on a cumulative basis, residential was up 44 percent, meaning that year-to-date contracts for future construction were up 19 percent from $2,502,141,000 in July 2012 to $2,972,089,000 last month.
The Denver-Aurora metro area includes Adams, Arapahoe, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.
Have you considered getting into a new home?