Once quiet, partially finished subdivisions in the Twin Cities exurbs are seeing new signs of life after development there ground to halt during the recession, the Star Tribune reports.
Land prices are rising again in "coveted" corners of the metro, the newspaper reports. Housing construction activity is on the rise in places that include Hudson, Wis., Cologne, Farmington and Elko New Market, the Star Tribune reports, citing Metrostudy, a U.S. housing industry data service. Farmington was No. 9 among the most active areas for housing construction in September, according to the association report.
The Star Tribune looks at Otsego in Wright County, roughly 30 miles west of the Twin Cities. The bucolic town of 13,500 where the Crow and Mississippi rivers converge is now home to at least six development projects that have been revived since the downturn. Among them is a 28-lot project in the Wildflower Meadows development, which has a new developer in Meridian Land Co., the Star Tribune reports.
Construction of new multifamily buildings in the Twin Cities continued a climb to an eight-year high in September, the Builders Association of the Twin Cities reported.
In the Twin Cities overall, new apartment projects have continued to dominate housing construction.
Nationwide, groundbreaking for U.S. single-family homes increased in August and permits for future construction hit a five-year high that month.