Roseville, MN (November 26, 2014) – Several multi-family projects permitted in November 2014 helped the monthly units surpass November of 2013 totals by 34 percent. While the year-to-date units remain behind 2013, November’s activity more than halved the lag to just two percent.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 405 permits issued for a total of 865 units during four comparable weeks in the month of November, 2014. Year-to-date, there were 4,559 permits issued for a total of 9,106 units.
“The housing industry remains concerned for the near future as single-family construction continues to lag,” said Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of New Spaces. “As much of the economy rallies, new housing has stalled.”
“Higher regulatory burdens continue to raise new home prices in Minnesota, adding an even greater burden for home buyers to overcome,” Nelson said.
For the month, Minneapolis issued the most permitted units at 214, followed by Apple Valley with 202 (196 in one multi-family building). Maple Grove issued permits for 68 total units, Lakeville for 38 units and Plymouth rounded out the top five with 35 units permitted.
See the Data Chart below.