Twin Cities Building Permits Up in November 2009
The amount of residential building permits issued in the Twin Cities throughout November 2009 increased 28% compared to November 2008. According to the figures released by the Builders Association of the Twin Citiies, permitted units were also 37% higher than last year. So far for all of 2009, building activity is down 11.5% from 2008. Construction is still well below numbers from 2007 and the booming years before.
Minneapolis had the most building activity in November with 218 units. 175 of them were for a single project. Lakeville MN was next with 45 units. Blaine MN, Savage MN, and Maple Grove MN pulled permits for 41, 29 and 28 units respectively.
November had the highest number of units permitted for any month of this year. The total of permits issued in November was the third-highest in 2009. There is a tendency to see an increase in November permits because builders want to get foundations in before the ground freezes.
These numbers came on the heals of reports that home prices and sales in the Minneapolis – St. Paul area increased in September and October. Prices in the Twin Cities have shown the greatest increase among many metro areas. The real estate market here in the Twin Cities has proven itself be resilient.
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[...] some activity in the local home building industry in 2009. As we mentioned earlier in this blog, residential building permits issued throughout the month of November 2009 were up 28% from the same month of 2008. Well, 89% more residential permits were issued in December 2009 than [...]