While multi-family units dropped to just 10 percent of February’s totals, single-family permits remained very strong. Permits were up 61 percent for the month and 80 percent year-to-date over 2012. Total units were also up year-to-date by 18.5 percent.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 288 permits for a total of 313 units during four weeks in the month of February, 2013. Year-to-date, there were 656 permits issued for a total of 1,133 units.
“All the signs continue to point to a strengthening housing market,” said Builders Association of the Twin Cities 2013 President and developer with Senior Housing Partners, Pamela Belz. “Homes are selling quicker, prices are on the rise and interest rates remain incredibly low.
“We’re definitely optimistic about the industry barring any major road blocks to economic growth, especially if the Sequester problem in Washington isn’t solved quickly,” Belz said.
Woodbury led the top five cities, permitting 39 units in February. Maple Grove wasn’t far behind at 34. Lakeville came in third with 20 units, followed by Eagan with 15 and Edina with 14.