Housing construction in the Twin Cities is on pace to beat last year
- Blog Post by: Jim Buchta
- March 27, 2014 - 11:28 AM
Home builders in the Twin Cities metro are operating at the same pace as they did last year, but there' beena slight decline in requests to build apartments. That's according to a monthly report released today from the Builders Association of the Twin Cities (BATC), which shows that during the past four weeks 360 permits were issued to build 482 units.
Compared with last year, that was about the same number of single-family houses, but an eight percent drop in total units because of a decline in permits to build apartments and other kinds of multi-family housing.
Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of New Spaces, said that buyers are being motivated by several factors.
“Prospective buyers are seeing prices rise, inventories decline, and mortgage interest rates moving upward, all creating a sense of urgency for families to make the decision to buy now,” Nelson said. “Reports from builders in our Spring Parade of Homes have been very positive,” said
Year-to-date, there were 1,028 permits issued for a total of 2,011 units. That's a t 1.5 percent increase in permits and a 20-percent increase in planned units.
Moundsview took over the top spot in permit activity for the month in activity, permitting 99 units in one multi-family building. Blaine and Plymouth both came in second with 30 units permitted, followed by Lakeville with 29 and Medina with 20.
Here's a link to the full report.
© 2014 Star Tribune