Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
MinnEcon Blog
Bill Catlin

Accelerating strength in Twin Cities home construction

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

The home construction industry is seeing persuasive indications of a rebound in Minneapolis/St. Paul, according to numbers compiled for the Builders Association of the Twin Cities (BATC).

So far this year the number of residential construction permits, units permitted, and the dollar value of the permits are all running well ahead of levels in past years.

The cumulative permit value of $788 million from January through July is 46 percent greater than during the same period in 2011. The 3,953 units permitted from January through July is a whopping 72 percent above last year's level.

"The market continues to strengthen," said BATC president Curt Christensen. He pointed out that the latest S&P/Case-Shiller Home Price Index showed an increase of 1.3 percent nationally in April, the first reading in positive territory in seven months. "At the same time mortgage rates have dropped to an all-time low and locally, we've seen several months of positive sales reports from the Minneapolis Area Association of Realtors," Christensen said.

The BATC says two large projects, one in Ramsey (230 units) and another in St. Louis Park (122 units) boosted the total number of housing units permitted in the month of July, "however single-family activity continued strong, with an almost 60 percent increase this July over July 2011."

The construction industry posted some of the biggest employment declines of the great recession. But the rebound in home-building appears to be helping employment in the industry. In the first half of this year, construction employment is 4 percent or roughly 3,500 jobs above year-ago levels.