Builders sought applications to build fewer apartment buildings, but more single-family houses during November, according to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC). This month builders were issued 419 permits to build 646 units compared with the same four week period last year.
That was a nearly 50-percent drop in planned units, but a 4-percent increase in single-family homes. Construction activity so far this year is still on pace to exceed last year by 25 percent, and the region has issued permits for more units than any year since 2006. During the first 11 months of the year, builders have been issued 4,941 permits to build 9,292 units.
"Most of our members had been preparing for a relatively flat fourth quarter 2013 and first quarter 2014," said Pamela Belz, Builders Association of the Twin Cities 2013 president and developer with Senior Housing Partners. "We're optimistic that by second quarter 2014, and maybe sooner, the market will be on the rise."
Minneapolis issued the most permits with 212 units. Blaine came in second with 41 units, followed by Lakeville with 34 and Otsego with 33. Woodbury rounded out the top five with 26 units permitted.
Here's a link to the full report.
