Twin Cities homebuilding activity continues to underperform expectations in April. For the month, the number of single-family permits pulled dropped by eight percent compared to April last year. Multifamily construction also saw a drop in April, with a 43 percent decrease in the number of permitted units month-over-month.
According to data compiled by the Keystone Report for Housing First Minnesota, there were 434 permits issued for a total of 842 units during four comparable weeks in the month of April.
“The long winter and the timing of road restrictions have definitely had an impact on home building,” said Tom Wiener, president of Housing First Minnesota. “This does not help the housing supply issue we have in the Twin Cities.”
“The record-setting winter coupled with our industry’s labor shortage is creating a slower start than expected to 2018,” said David Siegel, executive director of Housing First Minnesota. “We expect to see an increase in activity in the next few months.”
For the month, Lakeville took the top spot with 46 permits issued. Lake Elmo came in next with 28 permits, followed by Plymouth with 26 permits. Rounding out the top five are Woodbury with 24 permits issued and Blaine with 22 permits issued.
