Slowest Year Since 2011 For Rochester Homebuilders
Rochester, MN (KROC AM News) - Last year was definitely a slow one for Rochester homebuilders.
An annual report from the Rochester Building Safety Dept. shows 253 permits for new single-family homes were taken out during 2021.
That’s the lowest annual number since 2011 when the total was 191.
High costs for materials and a tight labor market have been cited as reasons for the homebuilding slowdown in Minnesota and elsewhere.
But it was still a busy year in Rochester for construction workers.
The report shows a total of 575 multi-family units were added to the local market in 2021. They were valued at $72-million.
The overall valuation total for all new building permits was around $530-million.
Rochester Public Schools projects made up $63-million of the total. Hotel/motel projects were valued at $29-million.