New residential construction continues to track upward amid declining inventories and stable pricing for resale housing in the region. April 2012 permit activity was up almost 45 percent in permits and over 68 percent in planned units compared to April 2011. Total units permitted so far this year are higher than in any year since 2007, and up 124 percent over this time in 2011.
According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 294 permits for a total of 387 units during four weeks in the month of April, 2012.
“While a couple of large multi-family projects have boosted permits this year,” said Builders Association of the Twin Cities 2012 President and owner of Lee Lyn Construction, Curt Christensen. “We’re still seeing steady growth in single-family permits, which are 20 percent higher than they were at this point in 2011.”
“We were also pleased to see the Twin Cities was one of just five metro areas with increased home prices in the most recent Case Shiller report,” Christensen said.
Minneapolis again led the metro area in building activity for the month with 56 units permitted. Blaine followed with 34 units. Maple Grove moved into third with 21 units permitted, followed by Chanhassen and Lakeville, each with 18 units permitted.