New residential housing has contributed to a record year for construction in Minneapolis last year. The increased demand has primarily been driven by high demand for rental properties especially in the North Loop, Uptown, and near the University of Minnesota. The housing construction in Minneapolis has outpaced the growth in the surrounding suburbs. This had been attributed to the large number of apartments being constructed in Minneapolis and a larger focus on single family homes in the suburbs. A relatively strong economy and job growth in Minneapolis have contributed to the overall increased demand for new housing. This article points toward continued growth of our housing markets.
Full Article-Buchta, J. (2014, January 9). Housing fuels area’s building boom. Minneapolis Star Tribune.
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