Twin Cities homebuilding is on pace to hit a 13-year high in the number of permitted units in 2019. For the month of September, 472 single-family permits were pulled for a 6% increase over September of last year. Multifamily construction had another strong month with 26 permits pulled for a total of 1,009 units, a 21% increase over September 2018.
“It’s shaping up to be a good year for homebuilding activity,” said John Rask, president of Housing First Minnesota. “Our housing market is still vastly undersupplied and the pace of homebuilding this year will help, but more production is needed in order to make a dent in our supply shortage.”
According to data compiled by the Keystone Report for Housing First Minnesota, there were 498 permits issued for a total of 1,481 units during four comparable weeks in the month of August.
“While the slow and steady increase in new home construction is promising, it is not enough,” said David Siegel, executive director of Housing First Minnesota. “We need to be building homes at all price points in order to truly solve our housing issues in the Twin Cities and unfortunately delivering units at the most affordable price points is only growing more difficult in our region.”
For the month, Lakeville took the top spot with 51 permits issued. Cottage Grove came in next with 26 permits, followed by Woodbury with 25 permits issued and Otsego and Blaine both with 23 permitted units.
