It has been a busy week so I am a little late on posting this information. Building permits are up in the Twin Cities market, being in new construction sales I can feel the new energy level and I haven’t been this busy since 2005.
The US Census data shows 567 Housing Starts for 1-Unit Structures in the Minneapolis / St Paul, MN metro area. This is up from 511 in July. If you include multi-family projects, permits were at 749 in August down from 1091 in July. I am less concerned about the multi-unit permits.
As the graph below illustrates, there is a little bit of an increase – but still way down from a historical perspective. Yesterday I was speaking with 35+ year veterans in the home building and development industry – they had lived through some tough markets but this one they said is unlike anything else they had experienced. Just in the length of time this market has been down is unprecedented.