Multifamily construction in the metro area continued to soar past last year’s pace in April. Single-family construction in the Twin Cities picked up as well, according to the latest permit numbers by the Keystone Report. There were 750 permits pulled for new single-family homes for the month, a 12% increase over April of last year. Permits were pulled for 2,859 multifamily units, more than a 1,000% increase from last April.
“Homebuilders saw strong homebuyer traffic during this spring’s Parade of Homes, signaling that we would potentially see an increase in permits pulled for April,” said James Julkowski, 2022 president of Housing First Minnesota. “We continue to have a shortage of homes for sale in our region, which is why even with the supply chain constraints, labor shortage, and climbing mortgage rates, we continue to see growth in new home production.”
According to data compiled by the Keystone Report for Housing First Minnesota, there were 793 permits issued for a total of 3,609 units during four comparable weeks in the month of April.
“It’s great to see strong gains in new housing units in our region, as we have a severe shortage,” said David Siegel, executive director of Housing First Minnesota. “We continue to grow more concerned about affordability, as interest rates rise and more homebuyers are priced out of homeownership.”
For the month in permits, Lakeville took the top spot with 83 permits issued. Cottage Grove came in next with 51 permits, followed by Woodbury with 50 permits. Carver with 39 permits and Otsego with 35 permits issued rounded out the top five.
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Housing First Minnesota is the leading voice of homebuilders and remodelers and all who are dedicated to building safe, durable homes at a price Minnesotans can afford. Formerly known as the Builders Association of the Twin Cities, Housing First Minnesota represents nearly 1,000 builders, remodelers, developers and industry suppliers throughout the state.