Twin Cities homebuilding recorded an impressive 70% jump in single-family activity compared to the previous year. While this surge in activity is notable, February’s data is in line with the historical averages. Homebuilders pulled permits for 364 single-family homes in February.
Additionally, builders reported 159 multifamily units under construction. Multifamily activity accounted for 30% of all construction activity in January.
“February marks the second consecutive month of positive growth, a positive indicator as the spring market begins to take shape,” said John Kraemer, board chair of Housing First Minnesota. “This time of year typically brings renewed energy to the market, and it’s encouraging to see activity trending in the right direction.”
There were 370 permits issued for a total of 523 housing units during the four comparable weeks in January, according to the Keystone Report.
“This month’s data illustrates that demand is resilient. However, we are still missing critical middle housing from our market,” said James Vagle, CEO of Housing First Minnesota. “As the legislature gavels in, it is critical that housing remains a top priority for lawmakers. We need legislative action to bring back starter homes.”
For the month in permits, Rosemount took the top spot with 45 permits. Lakeville came in second with 35 permits. Maple Grove was next highest with 21. Corcoran was next with 19 permits. Shakopee rounded out the top five with 18 permits.
For the month in units, Hudson, WI came in on top with 95 permitted units. Lakeville came next with 46 units, followed by Buffalo and Rosemount with 45 units each. Maple Grove came fourth highest with 21 units. Corcoran rounded out the top five with 19 units.
Download a full chart for this month’s data here.