2015 single-family home construction in Albuquerque, N.M. reached its highest level in six years, which was largely associated with a burst of activity in the final months. A total of 1,645 building permits were issued for single-family homes, a 4.4% year-over-year increase. Albuquerque Journal staffer Richard Metcalf compares the historical data and concludes that home building has been in a slow recovery mode in the Albuquerque metro since hitting bottom in 2011. Metcalf writes,
After lagging the 2014 pace for much of the year, 2015 finished with 390 building permits in the fourth quarter, up from 278 in the final quarter of 2014 and 264 in the final quarter of 2013. The 390 permits was the best showing for a fourth quarter since 403 permits were issued in the final three months of 2009.
As a rule, permit activity for single-family homes begins to taper off toward the end of the year before picking back up, usually by March.
“I think the market is thawing out,” said John Garcia of HBA of Central New Mexico, the local home builders group. “The fourth quarter came in positive. That’s a good sign of where things are headed. I think consumer confidence is driving it. Builders are ready for it.”