The portion of multifamily housing of overall residential units rose in March, with a total of 706, or 51.8% of the total planned units, according to the Builders Association of the Twin Cities.
"Our members are quite optimistic about the local market," says Doug Nelson, president of the Builders Association of the Twin Cities and owner of New Spaces, a Burnsville, MN-based design/build remodeling firm.
Nelson says that several surveys from the National Association of Home Builders indicate that builders across the nation are "solidly optimistic," and the association also reported new homes sales figures for February rose 9.9% in the Midwest.
In March there were a total of 627 permits, 9% lower than the 690 permits issued in March last year. The 1,208 planned units, which totaled in value of $219.8 million, were 15% ahead of last March's 1,052 planned units, and 12% ahead of last February's value of $195.5 million.
All top five cities in planned units were new to the list. In planned units during March, Minneapolis was first with 116, followed by Hugo with 107, Stillwater with 101, Ramsey with 91 and St. Paul with 83. The top growth cities in permits were Hugo with 48, Blaine with 37, Lakeville with 34, Woodbury with 34 and Shakopee with 31.
Keystone Report, a Chanhassen-based research firm, compiles the information for the Builders Association of the Twin Cities.
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