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Twin Cities Multifamily Construction Rises in November

MINNEAPOLIS-Multifamily units account for 51% of the 1,732 units planned, but year-to-date accounts for 49% of total units, one of the highest ratios in recent years, according to the Builders Association of the Twin Cities.

By Jim McCartney | Updated on December 08, 2003

MINNEAPOLIS-New housing starts remained strong in the Twin Cities in November, including multifamily planned units that accounted for 49% of the units. This compared to multifamily units running at 44% in 2002, 41.5% in 2001, and 37.5% in 2000. Year-to-date, multifamily planned units remain at 49% of the total (8,597 multifamily units vs. 8,999 single-family units).

“As the national economy looks increasingly more solid, the residential construction industry should also remain strong,” says Chris Thompson, president of the Builders Association of the Twin Cities and president of On the Level.

In November 2003 there were a total of 1,021 permits issued for 1,636 planned units at a value of $276 million, according to the latest report from the Builders Association of the Twin Cities. Of those units, 781 units were multifamily and 855 were single-family.

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