(To read more on the multifamily market, click here.)

MINNEAPOLIS-New home construction was up again in July as residential construction continues to strengthen throughout the summer, according to a new survey of the market. The portion of multifamily housing of overall residential units dropped in June, with a total of 933, or 51.1% of the 1,827 total planned units, according to a survey by the Builders Association of the Twin Cities.

So far this year, there have been 4,822 multifamily units, or 48.4% of the 9,972 total units. This compares to multi-family units running at 52.7% annually for 2004, 48.6% in 2003, 43.7% in 2002, 41.5% in 2001, and 37.5% in 2000.

"Despite all of the discussion about a housing bubble, our region is doing very well economically," says Doug Nelson, 2005 president of the Builders Association of the Twin Cities and owner of New Spaces.