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Home Construction Up in El Paso County, Colo., in 1996.(Originated from Gazette Telegraph, Colorado Springs, Colo.)
Knight Ridder/Tribune Business News, January, 1997 by Heilman, Wayne
COLORADO SPRINGS, Colo.--Jan. 5--Falling mortgage rates and strong job growth combined to push El Paso County housing construction last year to the highest in a decade.
The 3,693 single-family homes started during 1996 marked the fourth- highest annual total ever -- eclipsed only by the boom years of 1972, 1983 and 1986, said the Pikes Peak Regional Building Department. Multifamily housing construction also surged: The 1,633 multifamily units started last year hit a 10-year high.
But don't expect a repeat of the 15.6 percent increase from the local housing industry during 1997: The housing market peaked during the first half of 1996 and slowed dramatically during the final quarter of the year. Local real estate agents and builders blamed the...
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