March 2013: Single-Family Homes Continue to Drive Twin Cities’ Residential Construction Growth

According to statistics released by the Builders Association of the Twin Cities, new home construction in the Twin Cities remains on a growth track, with single-family homes leading the way in 2013.

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A new single family home by Mega Homes

As home prices rise and resale inventory shrinks, new homes are more and more attractive to buyers.

Roseville, MN (PRWEB) April 01, 2013

Just released permit figures show that new residential construction in the Twin Cities remains strong, with single-family homes leading the way. Permits for single-family homes were up by 53 percent for the month (349 in March 2013, 228 in March 2012) and more than 60 percent for the year, from 607 in 2012 to 980 in 2013.

According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 358 permits for a total of 525 units during four weeks in the month of March, 2013.  Year-to-date, there were 1,014 permits issued for a total of 1,658 units.

“The just-completed Spring Parade of Homes was just one more indication that the local housing market is on the mend,” said Builders Association of the Twin Cities 2013 President and Developer with Senior Housing Partners, Pamela Belz. “Reports from the tour were overwhelmingly positive in most areas and price points across the region.

“As home prices rise and resale inventory shrinks, new homes are more and more attractive to buyers with the added benefit of higher efficiency, durability and livability,” Belz said.

Minneapolis led the top five cities permitting 96 units in March, including one 90-unit building. OakPark Heights, which had no activity in 2012, came in second with 61 units, including one 57 unit building. Lakeville ranked third with 37 units permitted, followed by Woodbury with 28 and Blaine with 25.


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Twin Cities Permit Data Chart, March 2013 Twin Cities Permit Data Chart, March 2013

Compare month-to-month and year-over-year permit data for the Twin Cities.