Hello again! In light recent uncertainties in our nation's housing markets, I am pleased to report that in the last few months we have seen a substantial boost in residential development here in the United States. Jim Buchta of the Star Tribune recently wrote that construction spending in the nation has hit a 17-month high during this past November, both in single-family and multifamily home construction. This is great news, not only for our local and national economy, but also for us housing majors who are looking at real estate development as a future career path.
In other news, the City of Minneapolis has recently released the Downtown 2025 Plan, which is the city's new vision for revitalizing Downtown Minneapolis. The plan calls to double the downtown residential population to 70,000, establish a sports district on the west end, increase public transit, establish deeper connections with the University of Minnesota, end homeless, and others. I'm very excited that this plan is being called into action, and being taken very seriously by our mayor R.T. Rybak. Living in dense areas (such as Downtown Minneapolis) is becoming an upward housing trend in our nation, allowing people of all types to live close to transportation, services, culture, and other amenities which can enhance their lives.
That's all for this week, hope you enjoyed!
Jesse LaMaack - Housing Studies, B.S.