(To read more on the multifamily market, click here.)
MINNEAPOLIS-New home construction was up last month, building on momentum established in May. The portion of multifamily housing of overall residential units dropped in June, with a total of 948 units, or 45.9% of the 1,810 total planned units, according to a survey by the Builders Association of the Twin Cities.
So far this year, there have been 3,889 multifamily units, or 47.7% of the 8,145 total units. This compares to multifamily 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.
"Our region is doing well economically, which is contributing to a health housing market," says Doug Nelson, 2005 president of the Builders Association of the Twin Cities and owner of New Spaces.
June had a total of 1,104 permits issued for 1,810 planned units at a value of $318.8 million. This is 2% ahead of the 1,078 permits in June of last year, 5% ahead of the 1,731 planned units, and 7% ahead of the value of $298.1 million.
In planned units during June, Woodbury moved into first place with 143, followed by Shakopee with 139, Brooklyn Park with 124, Hugo and Stillwater at 86, and Northfield at 83. Keystone Report, a Chanhassen, MN-based research firm, compiled the information for the Builders Association of the Twin Cities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
