While single-family construction continues to do well — showing a 22 percent increase in September 2013 over September 2012 — a surge in multi-family construction put units permitted in 2013 at the highest point in eight years. The 1,424 units permitted in September was just behind 1,445 units permitted in 2005. Overall, year-to-date growth remains on track to end the year with an increase of around 30 percent higher than during the same period in 2012.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 481 permits issued for a total of 1,424 units during four comparable weeks in the month of September, 2013. Year-to-date, cities issued 3,946 permits for a total of 7,512 units.
“It’s been a very positive fall for the home building industry,” said Pamela Belz, Builders Association of the Twin Cities 2013 president and developer with Senior Housing Partners. “Reports from the just-completed Parade of Homes(sm) were very encouraging, with real buyers looking to find a new home.
“While there’s definitely cause for celebration, the industry remains cautious as the economic recovery remains tepid for the middle class,” Belz said.
All of the top five cities in September were thanks to a handful of large multi-family buildings. Minneapolis once again led the top five cities, permitting 434 units (409 in four buildings). Golden Valley followed with 167 units (165 units were in one building), Oakdale permitted one 93 unit building, White Bear Lake permitted one 86 unit building, and Osseo came in with 72 units permitted in one building.