Twin Cities April 2011 Residential Construction
Monday, May 2nd, 2011Last month was the slowest April for local residential construction in at least five years, though optimism abounds for builders to see a rebound in single-family home construction later this year.
Residential construction in the Twin Cities remains lethargic, according to the Builders Association of the Twin Cities’ (BATC) Keystone Report. There were 203 permits issued in April for a total of 230 units, a decline of 33% and 38% respectively from April of 2010. Those are the lowest numbers for April local residential construction in at least the past five years, according to the BATC.
Year-to-date it is a similar story. During the first four months, there have been 758 permits issued for a total of 851 units. That is lower than the number of permitted units during the same time period of any for the last five years.
BATC President Rich Riemersma said the organization expected construction to be down in the first quarter of 2011 compared to 2010 due to the frenzy of interest last spring’s federal homebuyer tax credits generated. There is no such incentive now.
“But while new housing nationally is expected to remain down, we have hopes that the Twin Cities will catch up and surpass last year in single-family construction,” Riemersma said.
Maple Grove saw the most building activity in April with 28 permitted units. Blaine followed closely with 22 units, trailed by Plymouth with 16, Minneapolis with 15 and Woodbury with 13.
Source: Local Residential Construction Still Struggling
Source: A bootless month for builders
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