Several large multi-family projects in Minneapolis gave Twin Cities residential construction a boost in November. Multi-family units accounted for 73 percent of the month’s total activity and brought the total number of year to date units to the plus side (up .5 percent). Single-family activity also saw a small increase with the number of permits up six percent from November 2014.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 450 permits issued for a total of 1,555 units during four comparable weeks in the month of November 2015. Year-to-date, there were 4,513 permits issued for a total of 9,167 units.
“We are very happy to see a boost in permit numbers after another great fall Parade of Homes. We started the year expecting to see large gains in residential construction, but continued to be disappointed. We are hopeful that this positive trend will continue into the new-year.” — Chris Contreras, 2015 BATC President.
“With so many economic indicators trending up, we remain concerned that regulatory and other factors have resulted in an under-performing residential construction industry,” said Contreras.
For the month, Minneapolis issued the most permitted units at 481, followed by Ramsey with 138, and Minnetonka with 88 units. Rounding out the top five are Lakeville with 42 permitted units and Forest Lake with 37 units.