A recent report on new residential permits shows that more were issued in May than in any of the previous 11 months. There were also more units than any month since March, except for November.
The statistics come from the Keystone Report for the Builders Association of the Twin Cities (BATC). It shows that there were 259 permits issued in May 2011, for a total of 639 units. For the year so-far, there were 1,017 residential permits issued at a total of 1,490 units.
Sixty-three percent of all planned units were for multifamily buildings, including three projects in Bloomington with a total of 234 units. In Minneapolis, builders planned to build 68 units, including one 64-unit apartment building. Expect more of the same in coming months as developers pull permits to build what is expected to be a near-record number of apartment buildings this year.
The leading communities for new home and residential construction were Blaine and Maple Grove with 22 each, followed by Woodbury with 21, Shakopee with 15 and Lakeville with 14.
BATC President Rich Riemersma remarked that while 2011 still lags 2010 in year-to-date production, May’s permit numbers are welcome news for builders.