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Twin Cities Multi-Housing Construction Slows in April

MINNEAPOLIS-The growth of new residential construction in the Twin Cities is slowing, although the overall market condition remains very active. According to a new study, multi-family units account for 51.8% of the 1,208 units planned.

By Jim McCartney | Updated on May 12, 2005

MINNEAPOLIS-The growth of new residential construction is slowing, although the overall market condition remains very active, according to a new survey. The portion of multi-family housing of overall residential units fell in April, with a total of 526, or 46.1% of the total planned units, according to a survey by the Builders Association of the Twin Cities.

So far this year, there have been 1,422 multi-family units planned, or 46.7% of the total. This compares to multi-family units 52.7% annually for 2004, 48.6% in 2003, 43.7% in 2002, 41.5% in 2001, and 37.5% in 2000. “Even with a 10% to 20% dip in new construction activity from the recent highs, the Twin Cities new home market should be considered to be quite strong,” says Doug Nelson, president of the Builders Association of the Twin Cities and owner of New Spaces.

Nelson says that the Census Bureau predicts that Minnesota will surpass Wisconsin in population by 2030. “The growth of households combined with the metro area’s rich economic base should continue to drive new home sales at a rapid pace,” he says.

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