New Home Construction Plummets, ‘We Continue to Grow Concerned'

New home construction has slowed significantly in the Twin Cities according to a new report, drawing concerns from a trade group representing homeb...

September 10, 2022
3:04 AM

New home construction has slowed significantly in the Twin Cities according to a new report, drawing concerns from a trade group representing homebuilders. Data compiled by local research firm Keystone Report show the number of permits for new single and multifamily homes fell 28 percent in August compared to the year prior. According to the report, 364 permits were pulled last month, down from 507 a year earlier. Compared to several years earlier, the percentage drop is more stark. Permits fell 46 percent compared to August 2018, when 680 permits were pulled.