A new study by McGraw-Hill Construction shows that residential construction has far outpaced commercial activity in the Twin Cities metro area so far this year.
The monthly report, which tracks contracts for future construction in the 13-county metro area, shows that during the first seven months of the year, there was $817 million in non-residential construction so far this year, a 24 percent decline over last year.
Residential construction futures, including one- and two-family house and apartments, was worth more than $1.6 billion, a 51-percent increase over last year.
The same trend was true statewide, though the bulk of the state’s construction activity happened in the metro. Though new-home sales are going gangbusters, apartments have led the construction recovery.