April 2013: Twin Cities' Residential Construction Surges with Two Large Multi-Family Apartment Projects

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According to statistics released by the Builders Association of the Twin Cities, new home construction in the Twin Cities continues to improve

Construction continues to improve in the Twin Cities.

Traffic was robust at the recent parade of homes event and builders are optimistic about sales.

Just released statistics for April 2013 show that while single-family homes continue strong (up nearly 27 percent), two Minneapolis multi-unit apartment buildings pushed planned units up 111 percent over April 2012. Year-to-date, the region pulled 50 percent more permits for 30 percent more units over the same time period in 2012.

According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 372 permits for a total of 817 units during the first four weeks in the month of April, 2013.  Year-to-date, cities issued 1,386 permits for a total of 2,475 units.

“As the market has steadily improved, our members are optimistic about potential sales and report steady demand,” said Builders Association of the Twin Cities 2013 President and Developer with Senior Housing Partners, Pamela Belz. “However we are mindful of areas of concern such as costs of materials, labor, regulation, and a declining inventory of attractively priced and located lots.”

Minneapolis once again led the top five cities permitting 408 units in April. Lakeville moved into second position with 32 units, followed by Chanhassen with 29, Woodbury with 24, and Blaine with 20 units permitted.

The Builders Association of the Twin Cities (BATC) is the leading voice for builders and remodelers. BATC represents 1,100 builders, remodelers, developers and industry suppliers with a mission of helping its members grow their businesses through marketing, advocacy and industry connections. BATC is widely recognized as a powerful force at the state Legislature and with state regulatory agencies. It’s also known for its twice-a-year signature events: The Parade of Homes(SM) and Remodelers Showcase®. In addition, BATC offers Minnesota’s Green Path, a growing new home and remodeling certification program providing healthy, durable, energy-efficient homes to buyers and homeowners.

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