Roseville, MN (April 2, 2016) – Year to date 2016 is off to the strongest start for number of residential construction permits pulled since 2007. Single-family production continued its upward trend with a three percent increase year-to-date. Multifamily production picked up in April with the help of several large projects, making up 42 percent of total activity for the year.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 383 permits issued for a total of 788 units during four comparable weeks in the month of April 2016.
“This is the upward trend that we were hoping to see this year,” said Meg Jaeger, the Builders Association of the Twin Cities 2016 President. “With the Twin Cities existing housing inventory at a record low, we believe this upward trend in new construction will continue.”
“It’s a tough housing market for first time homebuyers right now. We’re seeing rapidly rising home prices and the regulatory burden is still pricing many would-be buyers out of the market, “ said BATC Executive Director, David Siegel.
For the month, Minneapolis issued the most permitted units at 243, followed by Prior Lake with 178. Blaine and Lakeville issued permits for 23 total units, rounding out the top five were Plymouth and Otsego both with 19 units permitted.