Continuing on the growth trend set in 2013, the Minneapolis/St. Paul region had strong residential permit activity this January. Builders pulled 15 percent more permits for 51 percent more units in January 2014 than they did in January 2013. Single family permits were up by 15 percent also, while large multi-family units were up by 134 percent.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 358 permits issued for a total of 1,059 units during four comparable weeks in the month of January, 2014.
“BATC’s members are hopeful that 2014 will be the year that marks a real recovery for the residential housing market,” said Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of New Spaces. “While 2013 ended with more than 10,000 housing units permitted, that’s still well below the average new homes permitted in the Twin Cities throughout the 1990s.
“A region our size should be able to support around 12,000 to 15,000 new homes just to keep up with household growth and replacement housing stock,” Nelson said.
Minneapolis once again led the top five cities for the month in activity, permitting 353 units. Eagan came in second with 206 units (192 in one multi-family building), followed by Golden Valley (one multi-family building) at 165 units. Lakeville was fourth with 38 units followed by Prior Lake with 35.
Download the Permit Data Chart below or find it online here.