Sept. Residential Permits Up 38% in Twin Cities
A September report on residential building activity in the Twin Cities indicates that the local real estate market is showing signs of stability.
There were 604 permitted units in September-up 38 percent from the same period in 2009 and a 31 percent increase from August-according to a report released Thursday by the Builders Association of the Twin Cities (BATC).
The value of September permits increased 43 percent from September 2009 and was up 15 percent from August.
According to the BATC, the Twin Cities' increase in building activity “puts the region ahead of many other metro areas.”
“As most sectors of the economy show signs of expansion, we're feeling confident that the Twin Cities housing market will remain ahead of the national curve and continue stable for the rest of the year and into 2011,” BATC President Gary Aulik said in a statement.
Hanley Wood, a research provider for the national housing industry, last month ranked Minnesota as the number one “sweet state” based on new homes and unemployment data-another indication that the state is faring better than much of the United States. “We were pleased to learn that Hanley Wood recently named Minnesota the number one 'sweet state,'” Aulik said.
Minnetonka led the metro area in building activity during September with 149 permitted units, largely due to one multi-family project. Minneapolis ranked second with 88 units, followed by Elk River and Oak Park Heights-which each had 54 permitted units.
Data released by Roseville-based BATC is compiled by local research firm Keystone Report.
BATC is an association that includes builders, remodelers, subcontractors, suppliers, and other professionals who support the building industry. Members subscribe to a defined code of ethics, and all builders agree to meet minimum performance standards for construction and business practices.