Residential construction nearly doubled in the Minneapolis-St. Paul metro area in 2012 compared to 2011, according to the Builders Association of the Twin Cities.
Single-family construction improved to 4,058 homes permitted in 2012, up from 2,818 homes permitted during 2011. Apartment permits increased to 4,977 units from 1,708 units, the group said in a news release.
Minneapolis topped the charts with 3,104 permitted units, followed by St. Louis Park with 509, Blaine with 398, Woodbury with 369, and Lakeville with 366. In the survey, a new multifamily project with 30 apartments typically counts as one building permit and 30 units.
For all of 2012, total residential permit value in the Twin Cities was $1.59 billion, up from $1.04 billion in 2011.
In December, there were 343 home building permits issued in the Twin Cities, up from 293 in December 2011. It is a five-year high for the metro area.
Source: MSP Business Journal