Dive Brief:
- In Minneapolis, city officials are happy that permitted construction went to $1 billion or beyond for the second year in a row, and the numbers show that multifamily housing drove a lot of the activity.
- National construction gains in the past few years have been driven by housing generally and multifamily in particular, making up for less-exciting or even negative movement in nonresidential sectors.
- In Minneapolis, the city issued permits for 3,552 new units in 2013, and that comprised more than half of the total value of permits.
Dive Insight:
Most of the multifamily construction or reconstruction was driven by a demand for rental units. Not much of the activity was condominium construction.
