MINNEAPOLIS-Homebuilders in the Twin Cities enjoyed the best year in terms of new home production since 2006, according to a year-end report from the Builders Association of the Twin Cities.
The housing market in the Twin Cities this year was bolstered by continued strong demand for rental apartments and a dwindling supply of new and existing homes, according to the Star Tribune.
Residential builders were issued 5,339 permits to build 10,303 housing units throughout the 13-county metro region in 2013, a 14% increase in units from the previous year.
Area homebuilders saw a sharp rise in new home sales this year, which increased 26% compared with 2012. Although the homebuilding industry topped the 10,000 mark for new units, construction activity is still considerably below a peak of several years ago when more than 18,000 houses and apartments were built in the region.
“Ten thousand units is a nice benchmark,” says Wendy Danks, the Builders Association's director of marketing, “but 12,000 to 15,000 is where we need to be.” See story in the Star Tribune.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
