The Twin Cities saw an uptick in new home permits in August, following a slight dip in July. The number of single-family permits pulled this month grew 17 percent compared to August 2016. Multifamily construction saw a decrease from this time last year, with 400 permitted units, down 9 percent from August last year.
According to data compiled by the Keystone Report for Housing First Minnesota, there were 573 permits issued for a total of 927 units during four comparable weeks in the month of August.
“Strong demand for new homes has led to the best summer in a decade for homebuilders,” said Bob Michels, president of Housing First Minnesota. “While the number of new homes is increasing, a shortage of skilled labor and price pressures from Minnesota’s regulatory environment have held back additional growth.”
“In order to meet continued forecasted growth, Minnesota’s workforce challenge needs to be addressed,” said David Siegel, executive director of Housing First Minnesota. “Without a growth in the labor force, homebuilders will struggle to meet future demand.”
For August, Lakeville took the top spot with 63 permits issued. Lake Elmo came in next with 59 permits, followed by Plymouth with 58 permits, Blaine with 34 permits, and Rosemont with 23 permits issued.
Housing First Minnesota is the leading voice of home builders and remodelers and all who are dedicated to building safe, durable homes at a price Minnesotans can afford. As a program of the Builders Association of the Twin Cities, Housing First Minnesota represents more than 1,200 builders, remodelers, developers and industry suppliers throughout the state.