According to the Builders Association of the Twin Cities, building permits and planned projects are at their highest level since 2007 and permits in the Twin Cities are up by 37% since the same time last year.
In the Twin Cities, 452 building permits were issued in May 2013 and year to date there have been 1,879. Minneapolis had the most number of unit permits with 183 in May. Blaine came in second with 93, Woodbury had 39, Lakeville 35 and Plymouth had 33.
New construction demand continues to grow with Minneapolis seeing their construction volume at three times the amount of last year. Housing starts are now 82.5% above the low hit in April 2009 but still short of the housing peak in 2007. Last month single family building permits were up 6.7% making it the highest level since July 2008
Forecasters expect permits to level off now that the winter season is coming but they think we will still be about 25% ahead of last year by the end of the year.
The increase in new construction will help the economy get back on track too as it provides jobs for the builders, sub-contractors and suppliers.
You must be logged in to post a comment.