Twin Cities’ Residential Construction Continues Strong in May 2013

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According to permit statistics released by the Builders Association of the Twin Cities, double-digit increases in year-over-year residential permits and planned units again show the region's new housing construction market is improving.

Planned construction continues to improve in the Twin Cities

Most indicators continue to signal strength in the housing market, and builders today are more optimistic than they’ve been in the previous few years heading into summer.

Recently released residential permit statistics show the new home industry in the Twin Cities continues to improve. Monthly and year-to-date permits and planned units are at their highest level since 2007. Year to date permits are up by 37 percent, while planned units are 26 percent higher than at this time in 2012.

According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 452 permits for a total of 775 units during the last four weeks in the month of May, 2013.  Year-to-date, cities issued 1,879 permits for a total of 3,292 units.

“Most indicators continue to signal strength in the housing market, and builders today are more optimistic than they’ve been in the previous few years heading into summer” said Pamela Belz, Builders Association of the Twin Cities 2013 president and developer with Senior Housing Partners. “But after the long downturn, our members, from builders to remodelers, suppliers to manufacturers, remain watchful for challenges ranging from appraisals issues to labor shortages and rising material costs.”

Minneapolis once again led the top five cities permitting 183 units in May. Blaine moved into second position with 93 units, followed by Woodbury with 39, Lakeville with 35, and Plymouth with 33 units permitted.

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