Year end permit data shows that the Twin Cities residential housing nearly doubled in 2012 over 2011 (units showed a 99.5 percent increase). Of those totals, single-family construction improved from 2,818 to 4,058 homes permitted year-over-year, while multi-family residential units were even stronger, increasing from 1,708 to 4,977.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 343 permits for a total of 807 units during four weeks in the month of December, 2012. For the entire year of 2012, there were 4,275 permits issued for a total of 9,035 units.
“While new home construction numbers aren’t back to normal yet, the industry is firmly on the rebound,” said Builders Association of the Twin Cities 2012 President and owner of Lee Lyn Construction, Curt Christensen. “Builders in most locations and price-points have seen demand steadily improve.
And now, with the worst of the fiscal cliff averted, we expect to see a continuation into the new year,” Christensen said.
Minneapolis once again led the metro area in building activity with 412 units permitted in December. Woodbury moved into second position with 76 units. Lakeville ranked third with 37 units, followed by Blaine with 24 and Maple Grove with 22. For the year, Minneapolis topped the charts with 3,104 units, followed by St. Louis Park with 509, Blaine with 398, Woodbury with 369 and Lakeville rounded out the top five with 366 units permitted.