So far this year, there have been 2,941 multifamily units, or 48.4% of the 6,078 total units. This compares to multi-family units running at 52.7% annually for 2004, 48.6% in 2003, 43.7% in 2002, 41.5% in 2001, and 37.5% in 2000.
"The May figures confirm that the market hasn't dropped precipitously," says Doug Nelson, 2005 president of the Builders Association of the Twin Cities and owner of New Spaces. "Our members are all relatively optimistic about business for the rest of 2005."
May had a total of 1,050 permits issued for 1,894 planned units at a value of $314.1 million. This is 3% ahead of the 1,018 permits, 24% ahead of the 1,524 planned units, and 10% ahead of the value of $284.8 million.
In planned units during May, Minneapolis moved into first with 274, followed by Woodbury with 117, Shakopee and Lakeville tied with 78, and Blaine with 77. The top growth cities were Woodbury, tops with 53, Elk River was second with 46, Brooklyn Park dropped from second to third with 41, followed by Shakopee at fourth with 40, and Blaine and Hugo tied for fifth with 36. Keystone Report, a Chanhassen, MN-based research firm, compiles the information for the Builders Association of the Twin Cities.
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