January Off to a Strong Start for Housing Construction

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Twin Cities Homebuilders have kicked off 2020 without missing a beat in production. Single-family construction started the year up slightly from 2019 with 453 permits pulled, a 3% increase. Multifamily construction started the year full steam ahead with 1,345 units, up from just 309 units in January of 2019.

“Following the worst decade of housing production in sixty years, we’re pleased to start off the new decade with a strong month of new home building,” said Gary Kraemer, president of Housing First Minnesota. “Our housing market is drastically undersupplied throughout the chain of the housing spectrum and we need all types of housing in order to serve Minnesotans.”
According to data compiled by the Keystone Report for Housing First Minnesota, there were 504 permits issued for a total of 1,798 units during four comparable weeks in the month of January.

“As home prices reach new highs each month, it is more important than ever that we look for new ways to address our housing shortage,” said David Siegel, executive director of Housing First Minnesota. “Looking at the roadblocks our zoning and approval process creates is something we expect to discuss in 2020.”

For the month, Lakeville took the top spot with 58 permits issued. Woodbury came in next with 50 permits, followed by Plymouth with 27 permits, Corcoran with 25 permitted units and Shakopee with 24 permits issued.

Download the January Data Chart >>