Construction activity in Denver declined in 2023 following two years of growth coming out of the pandemic.
The total valuation of permits issued by the city of Denver last year was $2.83 billion, an 18 percent decrease from $3.44 billion in 2022, according to data provided by the city. Here’s how those valuations are calculated.
BusinessDen reviewed 10 years of permit data going back to 2014.
With the exception of 2020, when COVID prompted many firms to pause projects, 2023 was the most depressed year for permit activity in Denver since 2016. The data does not correct for inflation. If it did, then 2023 would have the lowest values since 2014.
Permit categories are created by the city. Developers and contractors are generally responsible for outlining the overall cost of a project.
A large part of the decline was seen in new residential construction, the largest category of permit activity, accounting for about half the valuation last year. It fell from $1.74 billion in 2022 to $1.39 billion in 2023.
Multifamily projects such as apartment buildings comprise the largest chunk of the residential construction category — nearly $910 million last year.
New non-residential construction, of things such as office buildings, dropped about 5 percent from 2022 to $315 million. New non-housing residential projects, such as hotels, declined 49 percent, to $68.6 million.
Construction activity in Denver declined in 2023 following two years of growth coming out of the pandemic.
The total valuation of permits issued by the city of Denver last year was $2.83 billion, an 18 percent decrease from $3.44 billion in 2022, according to data provided by the city. Here’s how those valuations are calculated.
BusinessDen reviewed 10 years of permit data going back to 2014.
With the exception of 2020, when COVID prompted many firms to pause projects, 2023 was the most depressed year for permit activity in Denver since 2016. The data does not correct for inflation. If it did, then 2023 would have the lowest values since 2014.
Permit categories are created by the city. Developers and contractors are generally responsible for outlining the overall cost of a project.
A large part of the decline was seen in new residential construction, the largest category of permit activity, accounting for about half the valuation last year. It fell from $1.74 billion in 2022 to $1.39 billion in 2023.
Multifamily projects such as apartment buildings comprise the largest chunk of the residential construction category — nearly $910 million last year.
New non-residential construction, of things such as office buildings, dropped about 5 percent from 2022 to $315 million. New non-housing residential projects, such as hotels, declined 49 percent, to $68.6 million.
