Residential housing permits came on strong in spite of the frigid weather in January. Permits were up almost 70 percent over those issued in the month of January 2012, while planned units were more than 50 percent higher. The figures continue the trend that ended 2012 with nearly twice as many units as in 2011, and sends a strong signal that housing is on the rebound.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 311 permits for a total of 703 units during four weeks in the month of January, 2013. (Please note, to provide consistent data comparisons, we always report four week months in weekly data, but add in any fifth week figures in year-to-date data. As January reported five weeks this year, the year-to-date permits are 368 for 820 planned units.)
“Our industry is showing real signs of growth,” said Builders Association of the Twin Cities 2013 President and developer with Senior Housing Partners, Pamela Belz. “As long as we can keep unneeded regulatory costs under control, our industry should be able to regain its position at the forefront of economic growth.
“We shared our concerns with state legislators in St. Paul on January 30th at our Builder Day at the Capitol, and are ready to work with them over the coming legislative session to help ensure our builders can provide safe, durable and affordable homes for Twin Cities families,” Belz said.
Minneapolis continues to lead the region in residential units at 377 (most from four large multi-unit projects). Chaska had one 54 unit building permitted, bringing their total to 67 units. Lakeville ranked third with 33 units, followed by Woodbury with 30. Fifth place was a tie between Maple Grove and Plymouth with 21 units each.
Download the permit data chart below.