Building Permits for Minneapolis / St Paul, MN have dipped a bit going into the winter months, which is to be expected. From the graph below you can see a historical perspective of permits. The blue line shows all building permits and the red line is just the 1-Unit structure permits.
1 Units Structure permits dipped to 481 in November. It is fair to expect to see these permits begin to increase going into the spring.
2012-08-01 567 2012-09-01 557 2012-10-01 556 2012-11-01 481
Permits including Apartment Buildings have seen a big increase in 2012. This is mainly due to an apartment building will have 1 permit issued for every unit.
There is still a long way to go before the market gets back to “normal”. Given the current inventory of homes available for sale in Minneapolis / St Paul – there will be need for more homes to be built assuming there is even modest demand.