House Building Keeps Booming
Twin Cities homebuilders pulled permits in July for 640 single-family homes, an increase of 10 percent compared to the pace last July. The latest numbers were released on Friday by Roseville-based Housing First Minnesota, a builders’ trade group.
Multifamily construction rebounded a bit with permits pulled for 667 units in July.
The total permit value for July, including multi-family housing projects, totaled $288.5 million. That marks a 20.7 percent increase compared to last year.
“The demand for new homes in the Twin Cities continues to surge, despite the numerous headwinds that are delaying the entire homebuilding process,” said Todd Polifka, 2021 president of Housing First Minnesota, in a statement. “With the supply chain disruptions, labor shortage and development delays, we simply cannot build homes fast enough for the number of homebuyers that are out there.”
Lakeville led the way for July with 73 permits pulled, followed by Cottage Grove with 68 permits.
But as is often the case the city of Minneapolis saw the largest total number of housing units permitted for July, with 298 permits. The city remains ground zero for much of the new apartment construction in the Twin Cities.
Year-to-date Minneapolis has now seen permits pulled for a total of 1,223 units. All told Minneapolis accounts for approximately 15 percent of the newly permitted units this year in the metro.