Minneapolis, MN

Minneapolis-St. Paul’s significant growth from 2014 to 2018 is now suddenly taking a shift in the opposite direction, with a 1.6% dip in 2019, and a further dip of 4.5% and 2.1% in 2020 and 2021, respectively.

Residential has the largest construction volume, with approximately 37% of the market; this is expected to take a hit of 8.4%, causing a reduction of $486 million. This dip is subsequently offset with an increase of 9.3% in infrastructure, which is the second largest sector. Although there is a dip in construction of residential this does not seem to have an effect on the forecast of residential housing sale costs, as this is projected to rise at a steady pace year-over-year. Available labor has been slowly decreasing since 2016; it is expected that this trend will follow suit with the construction volume trend and take a more acute decrease into 2019. Construction spending in Minneapolis-St. Paul is trending to reduce at a more rapid pace when compared to the Minnesota or the U.S. market. They are all expected to plateau in 2021.

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