Woodbury, Lakeville, Blaine and Maple Grove Continue to Lead Residential Sector

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The Builders Association of the Twin Citiesreported “lackluster performance in both single family and multi-family construction” during August.

The BATC reported that builders took out 413 home building permits in August, down 16 percent from the 494 permits in August 2013, according to a press release.

Year-to-date, Twin Cities builders have taken out 3,213 building permits for a total of 6,117 units. That compares to 3,465 permits for 6,088 units during the first eight months of 2013. (In Roseville-based BATC’s monthly statistics, a single-family home counts for one unit and one permit, while apartments have one permit for multiple units.)

Total permit value is a good gauge to determine how much money is flowing into residential construction because it combines apartments and single family homes.

The total value of the permits taken out during July 2014 was $147.6 million, down about 16 percent from $175.1 million a year ago.

Year-to-date permit values are down slightly to $1.22 billion, from $1.23 billion up to this point last year.

“While there are signs of broader improvement in the economy, locally, underemployment and resultant lower wages keep buyers hesitant,” said Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of Burnsville-based home remodeler New Spaces.

Does your city stack up?

  • Top cities in August for residential permits: Woodbury (25), Blaine (22), Maple Grove (21), Chaska (20) and Lakeville (20)
  • Top cities in August for permitted units: Minneapolis (83), Maple Grove (40), Blaine (32), Woodbury (26) and Lakeville (21)
  • Year-to-date top cities for permits: Lakeville (205), Woodbury (200), Blaine (195), Plymouth (193) and Maple Grove (130)
  • Year-to-date top cities for permitted units: Minneapolis (1,714), Maple Grove (370), Eagan (282), Blaine (226) and Woodbury (214)

Source: Minneapolis Business Journal