Twin Cities residential construction market continues to surge
- Blog Post by: Janet Moore
- June 28, 2013 - 9:45 AM
The area's residential construction market continues to hum along, according to a data released Friday by the Keystone Report for the Builders Association (BATC) of the Twin Cities.
The number of building permits issued are at a 12-month high, and planned units in June were up 64 percent when compared with June of 2012.
Year-to-date planned units remain at their highest level since 2007. There were 496 permits issued for a total of 912 units during the four weeks in June. Year to date, cities issued 2,379 permits for a total of 4,024 units..
“As the year progresses, evidence continues to grow that the housing market is truly rebounding across the region.” said Pamela Belz, BATC president, in a statement.. “And growth is happening in spite of both a labor shortage and delays caused by the out-of-the-ordinary weather we’ve had.
“The long winter kept road restrictions on longer than usual, and now the rain is saturating the ground and delaying foundations from going in across the metro,” Belz added.
Minneapolis once again led the top five cities permitting 380 units in June. Brooklyn Park joined Woodbury in second position with 31 units, followed by Ramsey with 29. Blaine, Chanhassen and Lakeville tied for fifth place with 23 units permitted each.
Janet Moore covers commercial real estate for the Star Tribune.
© 2013 Star Tribune