Construction cranes across the Twin Cities tell the story: The region is in the midst of a building boom that's expected to produce a record number of apartments this year.
Are those units needed? Absolutely, the Metropolitan Council said.
The quasi-governmental agency released a report last week that showed the seven-county metro area experienced a 7.4 percent gain in households from 2010 to 2017, but the number of housing units rose by only 5.4 percent in the same period.
The council estimated 2017 population for the seven-county area at nearly 3.1 million, thanks to both more births than deaths and to net migration, or more people coming than leaving.
"We put our region's economic prosperity at risk if we fail to build more housing for the people who want to live in our region," Met Council Chairwoman Alene Tchourumoff said.
The housing vacancy rate in the Twin Cities is considered healthy at 5 percent. It is now 4 percent, down from 5.8 percent in 2010.
The region added more than 15,000 housing units in 2017, but it would have needed another 13,500 units to achieve a vacancy rate of 5 percent last year.
Changes in demographics and buyer/seller preferences mean the region needs a broader array of housing choices. For example, more people live alone, so there are fewer families with young children; the average household size is smaller, and there are more empty-nesters. That's a contrast to a time when baby boomers were younger, people were getting married earlier and they were having more children.
