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MINNEAPOLIS-New housing starts remained strong in the Twin Cities in November, including multifamily planned units that accounted for 49% of the units. This compared to multifamily units running at 44% in 2002, 41.5% in 2001, and 37.5% in 2000. Year-to-date, multifamily planned units remain at 49% of the total (8,597 multifamily units vs. 8,999 single-family units).

“As the national economy looks increasingly more solid, the residential construction industry should also remain strong,” says Chris Thompson, president of the Builders Association of the Twin Cities and president of On the Level.

In November 2003 there were a total of 1,021 permits issued for 1,636 planned units at a value of $276 million, according to the latest report from the Builders Association of the Twin Cities. Of those units, 781 units were multifamily and 855 were single-family.

Year-to-date, multifamily planned units remain at 49% of the total (8,597 multi-family units vs. 8,999 single-family units). November was 14% ahead of November 2002′s 911 permits, 6% ahead of last November’s 1,548 planned units, and 15% ahead in value ($240.7 million in November 2002).

Among Twin Cities suburbs with the most planned units in November 2003 were headed by Elk River with 113, Maple Grove with 102, Blaine with 88, Shakopee with 72, and Ramsey with 70.

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