The Twin Cities residential construction market continues to see a sharp increase in single-family production. October saw a month-over-month increase in single-family permits of over 24 percent making it the seventh month in a row single-family construction permits outpaced the monthly totals of 2015. Multifamily production continues to slow, making up less than half of total construction activity for the eighth month this year.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 465 permits issued for a total of 845 units during four comparable weeks in the month of October 2016.
“The residential construction permit numbers continue to show us that more families are looking to build new single-family homes,” said Meg Jaeger, the Builders Association of the Twin Cities 2016 President. “With all of the right ingredients in place we expect to see continued growth in that market.”
“We heard very positive feedback from our builders during the Fall Parade of Homes and we’re happy to see the permit numbers reflect their optimism,” said BATC Executive Director, David Siegel. “Our tradespeople are building energy efficient, safe, well designed homes and that’s what homebuyers are looking for.”
For the month, Lakeville once again took the top spot with 37 permits pulled, followed by Blaine with 27 and Plymouth with 26. Rounding out the top five were Savage with 21 permits and Woodbury with 17 permits.