With six months to go, Twin Cities home builders are on track to have their best year since 2007, offering more evidence that consumers have the confidence- and income - to spend on expensive houses and upscale apartments. That's according to a new report released this morning by the Builders Association of the Twin Cities, which shows that sousing construction so far the year is 23 percent ahead of last year, and home buyers aren’t shy about how much they’re spending.
During June alone, Twin Cities builders were issued 496 permits to build 912 units. That’s a six percent increase in permits and a 39 percent increase in units, including a sprawling luxury apartment building along the Midtown Greenway in south Minneapolis.
The value of those permits, a key indicator of how much people are willing to spend, was up significantly. Those permits were worth $857 million, a 33-percent annual increase.
Watch for a complete story in the Saturday paper. And here's a link to the full report.