August 2010 Permit Statistics
Category: Newsroom » Market Info - September 01, 2010
August 2010 Permit Statistics
Twin Cities Residential Construction Remains Stable
Roseville, MN (August 27, 2010) – August residential permit figures suggest the region is considerably stronger than the nationally averages. While August 2010 planned units were down about 15 percent from 2009 (when the local market began to show signs of life), August units were up 73 percent from July 2010 and higher than in eight of the past 12 months.
According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 246 permits pulled for a total of 460 units during the month of August, 2010. Year-to-date, permits are 29 percent higher than at this time in 2009. “The recent national sales reports were sobering,” said Builders Association of the Twin Cities 2010 President, Gary Aulik. “However, real estate truly is local, and with 246 permits pulled in August, I believe our region is considerably more stable than most.
“Choosing to buy a new home or to remodel is quite dependent on how secure a family feels in their employment situation, and unemployment in Minnesota remained almost two points below the national average. Mortgage interest rates are lower than ever, too, adding up to a strong buyers market.” Aulik said. Forest Lake led the metro in building activity for the month with 101 units permitted. Apple Valley followed with 47 units, St. Michael permitted 43 units, followed by Maple Grove at 21 and Woodbury with 27.
For graphs see the entire release here: Aug_2010_permit_release.pdf.
Please contact Wendy Danks with comments and questions.