Twin Cities Multifamily Construction Rises

MINNEAPOLIS-New housing starts remained strong in the Twin Cities in September, including multifamily planned units that accounted for 54.5% of the units, or 1,001 of the 1,837 units in the month. For the year, a total of 48.1% of the total planned units were for multifamily, according to the Builders Association of the Twin Cities.

This compares to multifamily units running at 48.6% in 2003, 43.7% in 2002, 41.5% in 2001 and 37.5% in 2000. In September, there were a total of 874 permits, 15% behind the 1,033 permits issued in September 2003. The 1,624 planned units, which totaled in value of $294.5 million, were 8% ahead of the comparable numbers a year ago.

For planned units, Woodbury took first place with 314 units, Blaine came in second with 90 units, Golden Valley took third with 88, Maple Grove was fourth with 74 and Cottage Grove was fifth with 68. In permits, Woodbury took the lead with 87, Brooklyn Park was second with 45, followed by Maple Grove with 43, Cottage Grove with 37 and Coon Rapids with 36.

Keystone Report, a Chanhassen-based research firm, compiles the information for the Builders Association of the Twin Cities.