Both single-family and multifamily construction saw double digit gains in February, showing signs that it will be a good spring for homebuilders. Single-family construction increased by 19% over February 2019 with 393 permits pulled. With permits pulled for 487 units, multifamily activity increased by 16% from this time last year.
“Our market needs all types of housing in order to meet the needs in our communities,” said Gary Kraemer, president of Housing First Minnesota. “With the existing housing market reporting a continued drop in inventory we expect it to be a strong spring for homebuilding activity as there is a strong desire for homeownership in Minnesota.”
According to data compiled by the Keystone Report for Housing First Minnesota, there were 406 permits issued for a total of 880 units during four comparable weeks in the month of February.
“Home prices both in the existing housing market and new construction market continue to climb,” said David Siegel, executive director of Housing First Minnesota. “We will not see housing costs level out until we can build more new homes at more affordable price points. We need all sides to come together to help reduce the barriers to new construction.”
For the month, Lakeville took the top spot with 37 permits issued. Blaine and Plymouth came in next both with 25 permits, followed by Victoria with 23 permits and Woodbury with 20 permits issued.
Download the February Data Chart >>
