Homebuilding in the metro area saw another impressive bump in activity in March. Single-family activity was up 66% compared to the previous year. Homebuilders pulled permits for 419 single-family homes in March.
Additionally, builders reported 177 multifamily units under construction. Multifamily activity accounted for 30% of all construction activity in March.
“The strong interest we are seeing during the first few weekends of the Spring Parade of Homes is very encouraging,” said John Kraemer, board chair of Housing First Minnesota. “As we look ahead to the remainder of the spring housing market, it will be crucial for homebuilders to keep at our current pace to meet this strong demand.”
There were 422 permits issued for a total of 596 housing units during the four comparable weeks in March, according to the Keystone Report.
“The spring season is an important time for the housing market. Growth in new construction activity and strong traffic during the Parade of Homes are good indicators,” said James Vagle, CEO of Housing First Minnesota. “However, our market is still vastly undersupplied, especially at the starter home level. The legislature has an opportunity to bring these types of homes back to our market – it’s time to act.”
For the month in permits, Rosemount took the top spot with 53 permits. Lakeville came in second with 38 permits. Shakopee was next highest with 27. Corcoran and Farmington rounded out the top five with 21 permits each.
For the month in units, Rogers came in on top with 106 permitted units. St. Louis Park came next with 83 units, followed by Rosemount with 53 units each. Lakeville came fourth highest with 38 units. Shakopee rounded out the top five with 27 units.
Download the full data chart here.