The Pikes Peak Regional Building Department issued 299 permits in February for the construction of single-family homes in the Springs and the rest of El Paso County , according to a report Thursday by the city-county agency. February's permit total was up 22.5 percent over the same month last year.

For the first two months of 2018, single-family permits totaled 594 or almost one-third more than during the same stretch last year, Regional Building Department reports show. It's the best two-month start to any year since 2006

The strong pace for Springs homebuilding mirrors what's happening in many areas of the country. The demand for homes has surged in large part because of improving economies and mortgage rates that remain affordable, despite recent increases.

Housing costs push Colorado Springs cost of living higher

Thirty-year, fixed-rate mortgages have risen for eight straight weeks, and now average 4.43 percent nationally, mortgage buyer Freddie Mac said Thursday. Still, real estate industry experts have said they remain a relative bargain when compared with the double-digit rates of many years ago.

The homebuilding industry continues to be a big part of the local economy, and is tracked closely by economists, business people and government officials.

Homebuilders and their subcontractors employ thousands of people in the Pikes Peak region, including drywallers, plumbers and electricians. Spending by builders and their employees helps pump up the local economy.

At the same time, Colorado Springs - among other local governments - relies on sales tax revenues collected on building material purchases. Those revenues help fund roads, parks, public safety and other city services.

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