For the first time in a long time, the Twin Cities home building industry is picking up steam, and it appears that Burnsville could be poised for a resurgence as well.
August saw a substantial increase in the number of residential building permits issued around the Twin Cities region. According to statistics compiled for the Builders Association of the Twin Cities, 385 permits were pulled for 901 new residential units (homes or apartments)—more than double the number permitted in August of 2011.
Minneapolis led the way, with 413 permits for new housing, but according to a report in the Pioneer Press Burnsville placed in the top five cities for residential building activity. The list also included Blaine, Woodbury and Plymouth.
The regional increase is fueled by record-low mortgage rates, a shrinking home inventory and unusually high demand for apartments, which accounted for more than half of the permits issued, according to the Star Tribune.
That being said, activity in the residential construction industry is still quite low when compared to pre-recession boom times, but economic indicators suggest that hope is on the horizon.
"We're anticipating somewhere between 7,000 and 8,000 units being built in 2012," Wendy Danks, marketing director for the BATC told MPR. "That is starting to look really good. We're getting closer to normal. But we're certainly not there yet."