For housing data, one permit can make a considerable difference.
After a data update, it turns out homebuilding was flat in the Twin Cities last month
August 4, 2017 at 12:27AM
In its July report on new home construction, the Builders Association of the Twin Cities initially reported a 17 percent jump from the same month last year because of a steep increase in apartment construction.
But after updating its data to reflect that a permit thought to be for a 430-unit building in Edina was actually about half the size, its upbeat report from Wednesday turned into a lackluster one on Thursday.
During July, homebuilders were issued 454 permits to build 1,106 units, which was about the same as last year at this time, according to revised municipal data compiled by the Keystone Report for Housing First Minnesota, a program of the builders group.
Because a single permit can be issued to build multiple units, even a modest increase in the permit number can have a dramatic effect on overall construction in the metro from month to month.
Multifamily housing, mostly rental apartments, represented 60 percent of all construction activity during the month for a total of 664 units, only a slight increase over last year. The number of single-family permits, however, was down 5 percent compared with July 2016.
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