[ad_1]
listen to this article
Permit data shows single-family home construction in the Twin Cities and beyond was strong in the second half of 2023, but multifamily construction continues to remain below last year’s pace due to capital market challenges.
Through November, cities in the 13-county metropolitan area that includes Rochester saw 10,976 new housing units this year, down 40% from 2022, according to the Keystone Report.
Although single-family home construction was slow, it recovered and ended the year just 2% short of the 2022 figure. The story is different for multifamily housing, where the number of planned units is down 47% compared to the same period in 2022.
Measured by planning unit, Minneapolis was the top metro area for the second year in a row, followed by Rochester and Rosemount. Outside of this year’s top 10 are Edina, Minnetonka, St. Louis Park and New Richmond, Wisconsin.
Here is the complete Top 10 list for 2023 (through November, unless otherwise noted): (Source: Keystone Report and City of St. Paul):
1. Minneapolis (1,356 new housing units approved). Minneapolis comfortably took the lead for the second year in a row. However, the number of planned units is significantly lower than last year, when the city approved 4,348 new housing units.
2. Rochester (953 new units). Rochester will move up from No. 4 in his 2022. Further construction is underway. In October, Finance & Commerce reported that North Rock Real Estate’s planned Valley High development would eventually add 850 acres to a 75-acre farm site at Valley High Road and 50th Street in northwest Rochester. It was reported that there is a possibility that several new homes will be built.
3. Rosemount (850 new units). Rosemount didn’t make the top 10 last year. However, please look forward to further growth in the future. The Amberfields site in Rosemount is expected to have 2,000 new homes when fully built out.
4. St. Paul (795 units authorized by Q3)). According to the city, the housing mix includes 739 apartments, 51 single-family homes and five duplexes. St. Paul was No. 2 on last year’s list. In general, the city’s rent control policies are unpopular with builders and developers. But large estates like Highland Bridge and The Heights offer plenty of opportunity to build new homes.
5. Lakeville (690 new units). Housing construction activity was down compared to last year, when the city allowed 768 new units to be built. Still, Lakeville moved him up from No. 7 on his 2022 list.
6. Maple Grove (676 new units). Measured by planned units, Maple Grove experienced a significant increase in residential construction. The city approved 377 new homes in 2022, but it did not rank in the top 10.
7. Woodbury (437 new units). In this metro-eastern suburb, he was allowed 235 fewer homes than last year. Still, Woodbury moved up one spot from eighth place in 2022.
8. Shakopee (344 new units). Shakopee finished in the top 10 after missing out on it a year ago. In April, Finance & Commerce reported that DR Houghton wanted to build 601 new homes in the south-west end of town.
9. Brain (300 new units). Blaine moved up one place from the 2022 rankings.
10. St. Michael (291 new units). St. Michael continues to attract interest. As previously reported, St. Michael Development LLC completed the city’s ownership of his 128 apartment complex on the southwest corner of Lincoln Drive and Hillcrest Drive Northeast in the city.
[ad_2]
Source link
