Twin Cities residential housing continues to rebound in 2012, with November permits showing a nearly three-fold increase over November of 2011. At 68 percent of the units permitted in November, multi-family construction remains very healthy. Single family home construction also continues to show strength, running about two-times higher than last year in both the monthly and year-to-date statistics.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 377 permits for a total of 1,278 units during four weeks in the month of November, 2012. Year-to-date, there were 3,939 permits issued for a total of 8,235 units.
“Even while national new home sales slipped some last month, the Twin Cities looks to be on a strong path,” said Builders Association of the Twin Cities 2012 President and owner of Lee Lyn Construction, Curt Christensen. “Local housing inventory continues to shrink while the Twin Cities’ rental vacancy rates are the third-lowest of major markets in the United States, signaling a real need for new homes in the region.
“Our builders are definitely feeling more positive about the market,” Christensen said.
Minneapolis once again led the metro area in building activity with 743 units permitted. Edina moved into second position with 155 units (including one building at 139 units). Woodbury again ranked third with 38 units, followed by Blaine with 35 and Maple Grove with 30.