Despite economic concerns, Twin Cities homebuilders recorded a positive month of activity. Metro builders pulled 608 permits for single-family homes in April, marking a 12% growth in year-over-year activity.
Multifamily construction also recorded a 17% uptick in activity compared to the previous month.
“Minnesota’s spring housing market is staying steady, and as seen with the Spring Parade of Homes, there’s a lot of positive energy as buyers stay active,” said Tim Fohr, board chair of Housing First Minnesota. “Minnesota homebuilders are optimistic and gearing up to meet demand as momentum builds through the rest of the spring season.”
According to the Keystone Report, 617 permits were issued for a total of 908 housing units during the four comparable weeks in April.
“A positive month of homebuilding activity is always encouraging,” said James Vagle, CEO of Housing First Minnesota. “But we remain far from a balanced market. As we approach the end of the legislative session, it is critical that lawmakers keep meaningful housing solutions in play.”
For the month in permits, Lakeville took the top spot with 46 permits issued. Maple Grove came in second with 39 permits. Rosemount was the third highest with 39. Rogers came in fourth with 37 permits each. Corcoran and Rochester rounded out the top five with 35 permits each.
For the month in units, Rosemount came in on top with 209 permitted units. Savage came next with 109 units, followed by Lakeville with 46 units. Maple Grove came in fourth with 39 units. Rogers rounded out the top five with 37 permitted units.
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