Housing market report

Twin Cities homebuilding activity continues to stall as mortgage rates hold homebuyers on the sidelines. Metro builders pulled permits for 328 single-family homes in January, a 46% drop from January of last year. Multifamily construction in the Twin Cities hit a slump as well with a 53% drop in total permitted untis from this time last year.

Employment Update

Minnesota’s non-seasonally adjusted unemployment rate jumped to 3% in January, according to the Minnesota Department of Employment and Economic Development. This is compared to the November rate of 2%. The national unemployment rate, however, dropped a tenth of a percentage point in December from the previous month to 3.3%. Construction employment in Minnesota fell 2.8% year-over-year.

According to the MN Department of Labor & Industry,

40% of those who take the Minnesota Contractor License Exam fail.

If you know of someone wanting to become a licensed contractor in Minnesota, tell them about Contractor University’s online MN Contractor Pre-License Exam Prep course.

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