Homebuilding in the Twin Cities metro showed positive signs in July, with a 10% increase in activity over the same time last year. Homebuilders pulled permits for 552 single-family homes in July.
Multifamily activity, however, saw a steep drop-off in activity for the first time this summer. Builders reported just 20 multifamily units under construction—accounting for under 5% of all construction activity.
“This month’s increase in activity is a positive sign that buyers are continuing to engage with the market,” said John Kraemer, board chair of Housing First Minnesota. “Homebuyers are more patient and thoughtful with their buying decisions in today’s market, but the desire to own a home remains strong, and that’s something builders are optimistic about.”
There were 554 permits issued for a total of 572 housing units during the four comparable weeks in July, according to the Keystone Report.
“The need for housing in Minnesota hasn’t diminished, but it continues to outpace supply,” said James Vagle, CEO of Housing First Minnesota. “Homebuilders are working every day to find solutions and deliver the housing our communities need. Creating more opportunities for homeownership starts with giving homeowners the full menu of home options.”
For the month in permits, Lakeville took the top spot with 60 permits. Cottage Grove came in second with 41 permits. St. Michael was the next highest with 32 permits. Maple Grove and Shakopee ranked fourth with 29 permits each, and Woodbury rounded out the top five with 26 permits.
For the month in units, Lakeville came in on top with 71 permitted units. Cottage Grove came next with 41 units, followed by St. Michael with 32 units. Maple Grove and Shakopee came fourth-highest with 29 units each. Woodbury rounded out the top five with 26 units.
For a downloadable PDF of the data chart, click here.