Twin Cities home builders are as busy as they’ve been since 2007. Year-to-date permits during May, according to new data from the Builders Association of the Twin Cities, were up by 37 percent and planned units up 26 percent compared with last year. “We’re not lighting the world on fire, but things are good,” said Rob St. Sauver, project manager for Twin Cities-based Tradition Development.
Builders and developers across the metro say that low mortgage rates and a limited number of existing homes are helping drive new construction. Apartment and townhouse construction continues to be strong. Nearly half of all planned units last month were for multi-family projects, including a 165-unit condo building in downtown Minneapolis and an 8-unit townhouse project in Chanhassen.
I'm working on a full report for the Saturday paper, including details on new projects permitted last month.
- Jim Buchta