Twin Cities builders pulled about 300 permits to break ground on new projects in January-- a nearly 70 percent increase from the same month last year. The dollar value of those permits was also considerably higher.
The Builders Association of the Twin Cities says more than half the permits pulled were for multi-family units like apartment buildings. The low vacancy rate in the rental market has provided a big opportunity for builders to construct more apartment units.
Many economists expect housing to play an important role in economic growth this year. It's been one of a few bright spots recently.