Starting in January 2015, a new law takes effect that mandates all new homes 4,500-square-feet (whether all the square footage is finished or not) and larger are required to have residential fire sprinklers. All new homes will also be affected by other new energy code changes such as air exchangers and insulation changes. It is estimated that these changes could drive up prices of new homes by more than $10,000 when you factor in the sprinklers. If you are able to purchase a new home before these changes come, it will save you some money.
Minnesota homeowners and their families will benefit from this new law: residential fire sprinklers save lives and can minimize the damage caused by a house fire. In addition, most insurance companies offer a discount from 5 to 15% for homes with fire sprinklers.
Through the end of July, Lakeville issued 208 residential building permits valued at $64.6 million. In the same time period in 2012, there had been 140 residential building permits issued with a value of $40.6 million.
Commercial and industrial permits are also up from the same period in 2012. As of the end of July there were $8.5 million in permits compared to $8.1 million in 2012.
Construction starts in the Twin Cities continue their upward trend! June of 2013 saw 912 authorized new units a +64.3% change over June 2012 where there were 555. Planned units are still at their highest levels since 2007! Year to date, the Twin Cities have issued 2,379 permits for a total of 4,204 units. The growth has continued despite bad weather conditions for builders with the extended cold winter and all the rain this summer. Once again Minneapolis led the way with permits for 380 units, Brooklyn Park and Woodbury were second with 31 units, Ramsey had 29, Blaine, Chanhassen, and Lakeville tied for fifth place with 23. This information is provided by the Builders Association of the Twin Cities.
The south metro continues to see an increase in new construction according to the Twin Cities Builders Association. Lakeville is leading the pack with 172 permits through the end of June 2013, which is 107 more than last year at this time. Other south metro figures for the first half of 2013 are Eagan with 57, Rosemount with 36, Apple Valley with 29, and Inver Grove Heights with 28. The only area with less new building permits that for the same period in 2012 was Hastings with 10, down from 15 last year.