The Building Permits for Minneapolis / St Paul, MN for March 2012 have been released by the Department of Commerce – US Census Bureau.
The chart below shows the total housing units authorized by Building Permits in red and then just the 1-unit structure building permits in blue.
March 2012 is up 55% over March 2011 for 1-unit structures. The percentage jump is big, but in number of 1-unit building permits moved from 234 permits in March 2011 to 362 building permits in March 2012. Compare that to March of 2003 at 1,435 1-unit building permits.
With the market activity taking place currently on existing homes, it is just a matter of time before builders need to be adding more inventory into the market. I expect to see these figures climbing into the summer months. April should show a bigger seasonal jump in permits pulled.
- Housing Starts decline in March (calculatedriskblog.com)
- Housing Construction Pauses (eyeonhousing.wordpress.com)
- Housing Starts Drop, But Building Permits Are Up (npr.org)
- Building Permits and Starts, Midwest Region (craigkamman.com)
- Minneapolis / St Paul Building Permits, March 28 2012 (craigkamman.com)