For the fourth month in a row, home building activity continues to break 10-year old permit number records. March total permits are up nearly 30 percent over this month last year, while units are up nearly 50 percent over March 2016. The boost this month can be credited to both single-family and multifamily construction showing production growth. Single-family units are up 27 percent over March 2016 and multifamily units are up 88 percent over this month last year.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 520 permits issued for a total of 915 units during four comparable weeks in the month of March.
“We’ve heard great reports of high traffic during our Spring Parade of Homes and that more homebuyers are looking to find their dream home in the community they love,” said Bob Michels, the Builders Association of the Twin Cities 2017 President. “A healthy housing market includes a variety of options to meet the needs of homebuyers. With resale home inventory tight, we expect to see new construction continue to pick up the pace to meet the demand for housing.”
“Strong homebuilding activity is a great sign for all of Minnesota, but our builders are still struggling to create entry-level housing, a key part of the housing market,” said BATC Executive Director, David Siegel. “We are working with the MN REALTORS this year at the Capitol to support a package of common-sense legislative proposals that create opportunities for first-time homebuyers and address the cost-drivers like increased regulation, that make building affordable entry-level housing so difficult.”
For March, Lakeville took the top spot with 53 permits pulled. Plymouth came in next with 39 permits, followed by Woodbury with 24 permits, Blaine with 20 permits, and Apple Valley with 19 permits pulled.
Download the March 2017 Data Chart