Home Building Activity Cools in February

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After a strong start to the year, residential construction slowed in February. With 330 permits pulled, single-family permits fell three percent compared to the 341 permits in February 2018. With nine permits pulled for 421 units, multifamily construction fell by 23 percent compared to the 20 permits for 548 units in February last year.

“The unusually rough weather in February definitely had an impact on home building activity,” said David Siegel, executive director of Housing First Minnesota. “Depending on what kind of weather we have in March and how long road restrictions are in place, we could see a slow down in activity through the next few months.”

According to data compiled by the Keystone Report for Housing First Minnesota, there were 339 permits issued for a total of 751 units during four comparable weeks in the month of January.

“Home builders have seen an uptick in homebuyer interest,” said John Rask, president Housing First Minnesota. “We’re optimistic that the spring thaw and Spring Parade of Homes will bring with it an uptick in homebuyer activity.”

For the month, Lakeville took the top spot with 30 permits issued. Plymouth came in next with 19 permits, followed by Otsego and Woodbury both with 22 permits. Rounding out the top five was Blaine with 19 permits issued.

Download the February Data Chart >>