Markets across the country are seeing a strong rise in new home building, but here in the Twin Cities, residential construction remains slow and steady. For September, single-family permits were down six percent when compared to this month last year, and multi-family permits were down more than 50 percent.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 388 permits issued for a total of 903 units during four comparable weeks in the month of September 2015.
“We are happy to see Twin Cities residential construction holding steady, but we remain disappointed as the number of permits pulled continues to miss our expectations,” said Chris Contreras, 2015 BATC President. “As we hear more and more news of the major residential construction gains across the country, we grow more concerned that our state’s regulatory burden is making housing affordability a challenge.”
“We’re hopeful that the great showing during this fall’s Parade of Homes, will give us the boost we’ve been anticipating all year,” said Contreras.
For the month, Edina issued the most permitted units at 258, followed by Monticello with 141, and Minneapolis was third with 126 units. Rounding out the top five are Lakeville with with 31 permitted units and Blaine with 30 units.