After a strong June, Twin Cities residential construction activity returned to more measured growth in July. With the help of several large multifamily projects, permitted units for the month were up 25 percent compared to July 2015. Single-family permits were up 2 percent compared to last year.
According to data compiled by the Keystone Report for the BATC, there were 480 permits issued for a total of 1,109 units during four comparable weeks in the month of July 2016.
“As the existing housing market remains tight, families are realizing they can build the home of their dreams in the community they love,” said Meg Jaeger, the Builders Association of the Twin Cities 2016 President. “Our industry’s builders, carpenters and tradespeople all work to build the safest neighborhoods at a price that families can afford.”
“This month’s building activity confirms what our most recent Twin Cities Home Builders Survey in partnership with the University of St. Thomas concluded,” said BATC Executive Director, David Siegel. “The industry is picking up, but still at a slow pace, and builders are only slightly more optimistic than they were in January.”
For the month, Golden Valley and Bloomington tied for the top spot with 187 permitted units, followed by Minneapolis with 141. Rounding out the top five were Lakeville with 98 units and Blaine with 66 units.