The number of residential building permits issued in the Twin Cities during November 2009 grew 28% over November 2008. According to numbers released this week by the Builders Association of the Twin Citiies, permitted units were also 37% higher. So far this year, building activity is down 11.5% from 2008. Construction is still far, far below numbers from 2007 and the precedeeding years.
Minneapolis had the most building activity for the month with 218 units, 175 of them for a single building project. Lakeville MN came next with 45 units. Blaine MN, Savage MN, and Maple Grove MN pulled permits for 41, 29 and 28 units respectively.
November saw the highest number of units permitted for any month this year; total permits in November were the third-highest in 2009. Permits tend to increase in November because builders want to get foundations down before the ground freezes.
The numbers come on the heals of reports that home prices and sales in the Minneapolis - St. Paul area increased in September and October. Prices in the Twin Cities have shown the greatest increase among many metro areas. Our real estate market here in the Twin Cities seems to be quite resilient.