Permitting activity for new residential construction showed a slight drop for the month of April 2014, keeping overall year-to-date activity relatively flat. The month saw single-family permits down about three percent, permits down by six percent and units down by nine percent. Year-to-date, permits are also down by less than one percentage point, while total units permitted in 2014 remain in positive territory at 11 percent higher than at this point last year.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 350 permits issued for a total of 744 units during four comparable weeks in the month of April, 2014. Year-to-date, there were 1,378 permits issued for a total of 2,755 units.
“Our Spring Parade of Homes was very active with plenty of visitors,” said Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of New Spaces. “Yet a month after the tour, our members are seeing some hesitancy in purchasing.
“There definitely remains several very strong segments in the region, and economic indicators are still quite positive for new construction,” Nelson said.
Minneapolis took back the top spot in permit activity for the month in activity, permitting 400 units (including two large multi-family projects). Lakeville ranked second with 28 units permitted, followed by Blaine with 26 and both Plymouth and Edina had 23 units permitted.
Data Chart is attached below or download a copy here.