Roseville, Minn. (May 31, 2018) – Twin Cities single-family homebuilders had their hottest May since 2006 and we’re not talking about the weather. For the month, the number of single-family permits pulled increased to 665, a 30 percent increase over May of last year. That’s the most single-family permits pulled in May since 2006. Multifamily activity slowed in May, with a 74 percent decrease in the number of permitted units over May 2017.
According to data compiled by the Keystone Report for Housing First Minnesota, there were 689 permits issued for a total of 899 units during four comparable weeks in the month of May.
“After several months of slow growth, we’re pleased to see single-family construction take off,” said Tom Wiener, president of Housing First Minnesota. “With the lack of inventory in the housing market we believe this is a trend that will continue.”
“It’s clear that the long winter had an impact on new single-family construction,” said David Siegel, executive director of Housing First Minnesota. “There is a lot of pent-up demand for single-family housing, we need to see more of this level of homebuilding activity in order to balance out the market.”
For the month, Lakeville took the top spot with 85 permits issued. Plymouth came in next with 45 permits, followed by Blaine with 43 permits. Rounding out the top five are Rosemount with 29 permits issued and Lake Elmo and Minneapolis both with 26 permits issued
