Twin Cities developers are showing increased interest in building new homes and apartments.
This month, area builders pulled permits for 1,737 new homes and apartment units, according to Housing First Minnesota, a trade group for builders and developers. That was the most for the month of October in more than 15 years. So far this year, construction firms have sought permits for nearly 13,000 housing units, a 70 percent increase from three years ago.
“The low inventory in the housing market is definitely encouraging more residential construction,” said John Rask, president of Housing First Minnesota.
But most new homes and apartments are priced beyond the reach of many, if not most, people. Housing First Minnesota said regulatory and other changes are needed to increase the supply of affordable housing.
In terms of total homes and apartment units permitted this year, Minneapolis leads the way, followed by Minnetonka and Lakeville.