Twin Cities building boom tops $1.5B, highest in five years

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Construction permits for residential housing nearly doubled in the Minneapolis-St. Paul metro last year compared to 2011, according to year-end data from the Builders Association of the Twin Cities. Single-family home construction improved to 4,058 permits from 2,818 permits. Multifamily residential permits were even better, increasing to 4,997 units from 1,708 units.

“While new home construction numbers aren’t back to normal yet, the industry is firmly on the rebound,” Curt Christensen, Builders Association of the Twin Cities 2012 President and owner of Lee Lyn Construction, said in a news release. “Builders in most locations and price-points have seen demand steadily improve."

Total residential permit value for all of 2012 in the Twin Cities area was $1.59 billion, up from $1.04 billion in 2011, the Business Journal reports.

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