An apartment boom helped make 2012 the best year since the downturn began for Twin Cities builders and contractors with a nearly 100 percent increase in the number of new units planned for the metro. That's according to a year-end report from the Builders Association of the Twin Cities, which said that 4,058 single-family homes and 4,977 multifamily units were permitted during the year compared 2,818 houses and 1,708 multi-family units during 2011.
The bulk of those units are being built in Minneapolis where a rental boom is underway, but home builders are also seeing a dramatic resurgence in demand for new houses, especially in inner-ring suburbs where supplies of existing houses have fallen to the lowest level in more than a decade.
While 2012 was clearly a turn-around year for the industry, construction activity is still well below normal levels. We'll have a complete story in the Friday paper; you can see the full release here.