Twin Cities homebuilding slows amid economic pressure
June 2, 2025
Bogged down by macroeconomic pressures, Twin Cities homebuilding activity slowed to a crawl in May — especially in the multifamily sector, which saw fewer than two dozen new units permitted during the month.
In May, cities in the 13-county metro area issued permits for 612 new homes overall, down 14% year-over-year. That includes 590 single-family houses (down 11%) and 22 multifamily dwellings (down 51%), according to the Keystone Report.
Year-to-date numbers are off slightly from 2024. During the first five months of 2025, metro area cities permitted 3,215 new homes, down 2%, including 2,413 single-family houses (down 1%) and 802 multifamily homes (down 5%).