Flatirons Building Council presents a promising outlook for homebuilding in Denver and Boulder
The Flatirons Building Council (FBC) of the Home Builders Association of Denver (HBA) was instrumental in hosting an economic overview to a considerable group of builders and associate members in late March. The data presented by MetroStudy, a Hanley Wood Company, was well received by attendees as the outlook for the homebuilding industry remains strong in the foreseeable future.
According to a recent study conducted by John Covert, President of MetroStudy, there are several reasons for the industry’s growth in Denver and Boulder. The most significant has stemmed from the population increase into the Denver/Boulder metro areas.
Covert said, “The recent migration over the last five years has had huge benefits to new residential construction, as it increases demand for new housing whether it be for sale homes or rental units, the impacts of this influx into the state are significant.” The study concluded that:
- The population and natural increase in the Denver Metro and Boulder areas has resulted in 30,000 new people from 1990 -2014. The population for these areas is predicted to exceed three million by the end of 2015.
- The forecast for growth in the next 25 years in the Denver Metro and Boulder areas are expected to continue this trend and expand to over four million people by 2040, making up 56.7% of the population in Colorado.
- Job growth as a result of this migration has experienced a year-over-year increase of more than 48,100 new jobs with a 3.25% increase in the growth rate.
This news bodes well for new home construction and the overall the Denver metro region and broader Colorado economy. The study provided a great deal of detail as it relates to product needs for specific buyer profiles, which was highly beneficial to the members of the Flatirons Building Council and the HBA.