Coming off its best summer since 2006, the Twin Cities saw continued growth in new home permits in September. The number of residential building permits pulled in September soared 14.25 percent to 601 units compared to 526 in 2016. In September, the number of single-family permits rose 10 percent, with 568 permits issued, compared to 513 permits 2016. Multi-family construction grew 31.5 percent from this time last year with 334 permitted units.
According to data compiled by the Keystone Report for Housing First Minnesota, there were 601 permits issued for a total of 912 units during four comparable weeks in the month of September.
The surge in multi-family projects, up nearly 55 percent overall this year, follows new laws encouraging multi-family development that went into effect earlier this year.
“The sharp rise in multi-family construction underscores the power of regulatory reform,” said Bob Michels, president of Housing First Minnesota. “Legislation encouraging homeownership, including cost protections for new-home buyers, will continue to be the top priority for Minnesota’s housing industry.”
“While the numbers are trending in the right direction, it’s clear Minnesota’s regulatory climate and an industry-wide labor shortage are holding the industry back from additional growth,” said David Siegel, executive director of Housing First Minnesota.
For September, Lake Elmo took the top spot with 36 permits issued. Blaine came in next with 34 permits, followed by Lakeville with 30 permits, Baldwin, Wisc., with 23 permits and Livonia Township (Sherburne Country) with 21 permits issued.