Single-family permits are off to a roaring start in 2019. Single-family construction marked a 10-year high for the first month of the year with a 9 percent increase over January of 2018. Multifamily construction was a different story. The number of multifamily permitted units fell by 40 percent compared to the first month of last year.
“The strong start to the year is a good sign for the spring buying season,” said John Rask, president Housing First Minnesota. “All economic indicators signal 2019 to be another steady year in the new construction housing market.”
According to data compiled by the Keystone Report for Housing First Minnesota, there were 459 permits issued for a total of 749 units during four comparable weeks in the month of January.
“The recent drop in mortgage rates will help many homebuyers who were concerned about affordability,” said David Siegel, executive director of Housing First Minnesota. “There are still growing housing affordability pressures in the new construction market that need to be addressed in order to meet the demands of homebuyers.”
For the month, Lakeville took the top spot with 50 permits issued. Blaine came in next with 34 permits, followed by Plymouth with 33 permits. Rounding out the top five are Cottage Grove with 23 permits and Woodbury with 22 permits issued.
January 2019 Permits Data Chart