The government shutdown appeared to have a slight chilling effect on actual contracts.
Roseville, Minnesota (PRWEB) November 04, 2013
Just released permit statistics showed that residential construction in the Twin Cities region remains strong. Single-family homes for the month (538) helped push the numbers up, showing an almost 40 percent increase over permits for single family homes in October 2012 (386). Year-to-date activity continues to surpass 2012, up 29 percent in permits and 25 percent in total units from January through October 2012.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 487 permits issued for a total of 1,029 units during four comparable weeks in the month of October, 2013. Year-to-date, regional cities issued 4,502 permits for a total of 8,618 units.
“Our builders did report a bit more hesitation on the part of buyers during the fall Parade of Homes,” said Pamela Belz, Builders Association of the Twin Cities 2013 president and developer with Senior Housing Partners. “While plenty of people were out looking, the government shutdown appeared to have a slight chilling effect on actual contracts.
“The industry is also feeling more cautious right now as the just-released residential building code draft, if approved as written, would have a huge impact on affordability,” Belz said.
Minneapolis once again led the top five cities in activity, permitting 260 units. Plymouth came in second with 218 units, followed by Ramsey with 79 and Blaine with 46. Both Maple Grove and Woodbury rounded out the top five with 31 units each.