Roseville, Minn –Twin Cities homebuilders kicked off 2024 with a positive month of single-family construction activity. Metro builders pulled permits for 359 single-family homes during the month of January, a 10% increase from the same time last year.
Activity in the multifamily construction sector, however, continued to see decreases in overall activity with permits pulled for only 182 units – a 57% decrease compared to this same time last year.
“As mortgage rates level off, we expect to see a pick-up in activity across the housing market,” said Art Pratt, 2024 board chair of Housing First Minnesota. “Twin Cities homebuilders are problem solvers and are prepared to adapt to meet the changing needs of buyers in an evolving market.”
There were 365 permits issued for a total of 541 units during four comparable weeks in January, according to the Keystone Report.
“Another month of positive single-family homebuilding activity in our metro area is a good sign,” said James Vagle, the CEO of Housing First Minnesota. “Despite the efforts of builders, we still need more housing units of all types and price points. It’s time for Minnesota to bring about meaningful policy changes at both legislative and regulatory levels.”
For the month in permits, Farmington took the top spot with 29 permits issued. Woodbury came in next with 28 permits. Cottage Grove was third highest with 26. Victoria, Corcoran and Lakeville all issued 18 permits to round out the top five.
For the month in units, Rosemount came in on top with 178 permitted units. Farmington came in next with 29 units, followed by Woodbury with 28 units. Cottage Grove came in fourth with 26 units. Victoria, Corcoran, Lakeville and Maple Grove all had 18 permitted units to round out the top five.