Construction in the Twin Cities is continuing its upward trend with a 110% increase in new construction in April 2013! Inventory of existing homes for sale continued to fall another 4.5% putting inventory levels at a low not seen in over a decade! Building permits for single family homes in the Twin Cities were up 27%. With the low rental vacancy rates, less than 3%, permits for building apartments in Minneapolis were way up once again. Because of permits for apartment buildings, Minneapolis led the new construction permits in April with 408 units, Lakeville was second with 32 units, Chanhassen had 29 and Woodbury 24. Blaine had the most single family construction permits with 20. This information comes from the Minneapolis Area Association of Realtors and the Builders Association of the Twin Cities.
According to the Builders Association of the Twin Cities, 413 permits were issued to build 666 units which is about 90% more than in September 2011! Not only has the number of permits increased but the value of the September permits was the highest of the year so far.
Through the first three quarters of 2012, the value of permitted units rose to $1.1 billion, a 48.7 percent increase in value over the same period in 2011. The nine-month performance marked the first time the value of permitted units has exceeded $1 billion in past five years
So far Blaine has been the leader in single family home construction with 287 permits for the year at the end of September followed by Woodbury with 182.