Twin Cities building continue to scale back their building projects. According to this Star Tribune story:
During July, 255 permits were issued to build 650 units. That’s a 42 percent decline in the number of permits and a 33 percent decline in the number of new units. So far this year, the number of permits and planned units were down nearly 50 percent.
Even this numbers overstate the number of new residential structures being built as the article goes on to point out that:
More than a third of the planned units last month were to build two large multi-unit buildings in Bloomington, which hasn’t made an appearance on the top-five list all summer.
It would be nice to see if the builders basically mothballed virtually every development for one more year as the marketplace makes an attempt at burning off the existing inventory.