Home-building permits issued throughout the Twin Cities rose to their highest level for a single month of 2011 in September.
Single-family construction in the Twin Cities area increased while multifamily construction dropped, according to statistics compiled by the Builders Association of the Twin Cities (BATC). According to the Keystone Report, there were 272 permits issued for a total of 352 units during four weeks last month. That compared with 228 permits for a total of 604 units in September 2010. Maple Grove had the most permitted units, with 44, followed by Plymouth and Forest Lake. Year-to-date, Blaine had the most units, at 263, followed by Bloomington and Minneapolis.
The BATC reports the number of permits issued last month was more than any September since 2007. For units, however, it was the slowest month in more than five years. That’s actually a good sign for home builders because it means more single-family homes are being constructed, versus apartment complexes.
“The permits are up. They’re going in the right direction,” said Rich Riemersma, president of the Builders Association of the Twin Cities and co-owner of Imperial Homes. “But it’s a more gradual return to the norm than we were hoping for.”
For the year-to-date, though, 2011 new construction is below last year’s level. Through September, 2,161 permits were issued for a total of 3,141 units, while by this time last year 2,285 permits had been issued for 3,935 units.
On a related note, another type of construction happening in the Twin Cities right now is homeowners who have decided to stay in their homes are moving ahead with remodeling projects. Though in some cases they are scaling back the scope of their home improvement projects and spending less, other people are getting such good deals on houses they can afford to fix them up or make changes. The average remodeling permit estimate has dropped, though, to $1,600, down from more than $2,000 in 2010.
Are you thinking about buying a new house? How about remodeling your current home?