Heavy building increased since the last report. Commercial building permits in the St. Cloud, Minn., area were up significantly in the first two months of 2007 compared with the same period in 2006. Several retail and commercial building projects are planned or are under construction in southern Minnesota. Several industrial and numerous public projects are planned across the District.
In contrast, residential construction decreased. Housing permits were down 54 percent in March compared with a year ago in the Minneapolis-St. Paul area. Several condo projects were stalled due to the crowded market. A former condo project became a retail/hotel project. However, in Williston, N.D., plans were announced for the first major housing subdivision in 30 years.
Commercial real estate was solid. A market research firm reported that office, industrial and retail vacancy rates declined in the Minneapolis-St. Paul area during the first quarter. In contrast, residential real estate activity decreased. Home sales were down 15 percent in the first quarter of 2007 compared with the same period a year ago in the Minneapolis-St. Paul area according to a Realtors' association.
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