Roseville, MN (September 29, 2011) – New residential construction in the Twin Cities remains relatively stable, with single family construction leading the way. The region had more permits pulled in September than in any other month during the past year, and more than any September since 2007. Multi-family construction has dropped, however, with September units down over 40 percent from September 2010, and making up less than 35 percent of total units year to date.
According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 272 permits for a total of 352 units during four weeks in the month of September, 2011. Year-to-date, there were 2,161 permits issued for a total of 3,141 units.
“Builders participating in our Fall Parade of Homes have reported a real interest on the part of consumers,” said Builders Association of the Twin Cities 2011 President and co-owner of Imperial Homes, Rich Riemersma. “Yet, most agree that many prospective buyers continue to be skittish about making a decision right now.
“While foreclosures and distressed and sales continued to drive down resale prices in the region, we were pleased to see BuilderOnline.com, the online Builder Magazine by Hanley Woods, name the Twin Cities as the healthiest housing market in the United States.” Riemersma said.
Maple Grove led the metro in building activity for the month with 44 units permitted. Plymouth followed with 43 units, Forest Lake came in with 37 units, Woodbury with 31, followed by Blaine and Chanhassen with 22 each.
