Residential construction in the region continues to under perform expectations, with total year-to-date planned units permitted dropping behind 2013 for the first time. Planned units were down over eight percent for the year, while single family permits were down by 7.5 percent.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 436 permits issued for a total of 791 units during four comparable weeks in the month of September, 2014. Year-to-date, there were 3,649 permits issued for a total of 6,908 units.
“Our builders are hoping to see a stronger October on the heels of the Parade of Homes℠,” said Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of New Spaces. “Early reports suggest that traffic to Parade Homes℠ was relatively flat, yet interest in buying may be showing some improvement.”
“We’re watching the fall political races closely, hoping to help elect candidates that support housing and understand the tremendous impact that a vibrant residential construction industry has on the local economy,” Nelson said.
Woodbury took the top spot for permit activity in September, permitting 116 units. Savage ranked second with 102 units permitted, followed by Shoreview with 58 units. Minneapolis with 57 and Eagan with 54 units completed the top five.