APRIL 2023 ROCHESTER AREA BUILDERS, INC. Thank You! Thank you to all our After School Program Speakers! Check out Pg. 11 to see what they have been up to!
2023 FEBRUARY MEMBERSHIP REPORT
Membership Total: 409
Retention rate: 94.8%
STAFF
John Eischen, Executive Director
John@RochesterAreaBuilders.com
Shelly Bahlmann, Shelly@RochesterAreaBuilders.com
Golf Outing, Sporting Clays, Home Show, Directory, Newsletter, RAB Update, Member Plus App & RAB Events App
Rebekah Fierst, Rebekah@RochesterAreaBuilders.com
Ambassadors, Awards, Builders, Bags & Brews, Commercial Builders Council, Community Relations, Education, Membership, Fashion Show, Program, Remodelers Council, Executive & Remodelers Tour, 40 Below
Elizabeth Sullivan-Burton, Elizabeth@RochesterAreaBuilders.com
Builders Exchange Trustees and Showcase Committee, Website
GOVERNMENT & PUBLIC AFFAIRS CONSULTANT
Rick Dold, Rick@GodwinDold.com
BOARD OF DIRECTORS
PRESIDENT
J ason Scrimshaw, Kimley-Horn & Associates, Inc.
VICE PRESIDENT
Adam Giannini, Knutson Construction
SECRETARY
Jennifer Mitchenll, Edina Realty
TREASURER
Vanessa Hines, Widseth
PAST PRESIDENT
Becky Holmen, Haley Lighting
MISSION STATEMENT
DIRECTORS
Derrick Chapman, Schmidt Carpentry
Adam Kramer, Kramer Contracting
Jarett Jones, Merchants Bank
Aaron Thompson, The Design Connection
Austin Ryan, Ryan Windows & Siding
Kelsey Vaszily, Kraus-Anderson Construction
Melissa Barbour, TLS Companies, LLC
Joe West, Valor Mechanical
Julie Herrera-Lemler, Rochester Area Economic Development, Inc. (RAEDI) / SBDC
BUILDERS EXCHANGE COUNCIL CHAIR
Katie Reinhart, Kraus-Anderson Construction
COMMERCIAL BUILDERS COUNCIL CHAIR
Keith Kranz, LVC Companies
DEVELOPMENT COUNCIL CHAIR
TBD
REMODELERS COUNCIL CHAIR
Becky Holen, Haley Lighting
40 BELOW CHAIR
Adam Giannini, Knutson Construction
NATIONAL LIFE DIRECTORS
Steve Buss, Cornerstone Builders & Real Estate, Inc.
NATIONAL DIRECTORS
Dana Hlebichuk, Widseth
Levi Kaiser, Benike Construction (Rep)
Todd Severson, TLS Companies, LLC
STATE DIRECTORS
Mike Allen, Mike Allen Homes, LLC
Jay Burke, Heartwood Homes
Jean DeWitz, DeWitz Home Builders, Inc.
Kathy Einck, Maplewood Homes, LLC (Rep)
John McGuine, JM Consulting
John Eckerman, RSP Architects
Kenneth Bush, Bush Companies
The Rochester Area Builders, Inc, chartered in 1953, is a professional organization of commercial & residential builders, remodelers, developers and associated businesses dedicated to advancing the building industry in Southeast Minnesota.
We are the trusted voice of the industry, providing leadership, education, networking, and information resources to our members, community and government officials.
2 | APRIL 2023
3 | FOUNDATIONS NEWSLTR TABLE OF CONTENTS 02 Staff and Board of Directors 04 RAB April Calendar 05 RAB Yearly Calendar at a glance 06 President’s Letter 08 Welcome New Members 13 Job Gains Continue Eye on Housing 14 Builder Day at the Capital 22-23 Permits 25 Mortgage Activity Increases Eye on Housing 07 March Networking Night Tulip Tree Studios 09 Job Shadowing 10 Networking Night Re-Cap 11 Kellogg Middle School Program 17 Studs, Struts & Stilettos 18-19 Spring Showcase of Homes 21 Scholarships RAB Signature Events
April 2023
4 | APRIL 2023
Sunday Monday Tuesday Wednesday Thursday Friday Saturday 1 2 3 12:00 PM Government Affairs Committee 4 8:30 AM Remodelers Council Exec. 11:30 AM Executive Committee 5 7:00 AM CBC GMM 12:00 PM Showcase Committee 6 11:30 AM Program Committee 7 8 9 10 11 3:00 PM Board Meeting 12 7:30 AM Green Building Committee 12:00 PM Golf Outing Committee 4:30 PM 40 Below Exec Committee 13 12:00 PM Sporting Clay Shoot Committee 14 15 16 17 18 19 20 7:00 PM 21 22 23 24 25 4:00 PM Networking NightHaley Comfort Systems 26 3:00 PM Development Services Advisory Committee 27 11:30 AM Community Relations Committee 4:00 PM 40 Below Litter Bit Better 28 29 30
Rochester Area Builders
2023 Calendar of Events
5 | FOUNDATIONS NEWSLTR
28 Networking Night @ Tulip Tree Studios APRIL 20 Studs, Struts & Stilettos @ Mayo Civic Center 25 Networking Night @ Haley Comfort Systems 15-16 Spring Showcase of Homes 22-23 Spring Showcase of Homes MAY 29 Office Closed – Memorial Day JUNE 1 RAB Golf Outing @ Willow Creek Golf Course 27 Networking Night @ Custom Alarm JULY 4 Office Closed for Independence Day TBD NAHB Mid-Year Board Meeting – TBD 25 Member Appreciation Night @ TBD AUGUST 12 Builders, Bags & Brews @ LTS Brewing Company 29 Networking Night @ J.F. Ahern Company SEPTEMBER 4 Office Closed – Labor Day 14 Sporting Clay Shoot 16 Sporting Clay Youth Shoot 16-17 Remodelers Tour & Fall Showcase of Homes 23-24 Fall Showcase of Homes 26 General Membership Meeting @ TBD OCTOBER 24 Networking Night @ F&M Bank NOVEMBER TBD Past Presidents Dinner 23-24 Office Closed – Thanksgiving Holiday DECEMBER 8 Holiday Party @ The Hilton 25-26 Office Closed – Christmas Holiday
MARCH
FROM THE PRESIDENT
include entry to a VIP reception, preferred seating, and a glass of champagne at the show. Don’t wait to pick yours up!
March Networking Night is coming up next week on Tuesday (3/28) from 4-6pm and will be hosted by Tulip Tree Studios at their office in Stewartville. Thanks in advance to Tulip Tree for hosting. I encourage everyone to bring a colleague or a friend to attend and enjoy some hors d’oeuvres and refreshments as we network and celebrate Tulip Tree turning 10!
Thanks to those members who took time out of their day to represent us at the Builder Day at the Capitol on March 8th. It sounds like they had productive meetings and met with new legislators in the RAB territory who may not know who we are. It’s a great way for elected officials to meet with constituents in our industry so they know who to reach out to when they have questions.
Happy Spring everyone! It’s nice to finally see the snow receding and days getting longer as we look towards an active and prosperous construction season. The Spring Showcase of Homes is an exciting time of year for our builders to highlight their talents and the hard work they put in during the winter months. As a reminder, this year’s Spring Showcase will be two upcoming weekends; April 15-16, and April 22-23 from Noon – 5 pm. If you’re interested in more information on this year’s entries, information is available on the RAB website, or you can contact Elizabeth at the RAB office.
Also, right around the corner is Studs, Struts & Stilettos which is scheduled April 20th. Tickets are available now and can be purchased on RAB’s website. It’s a great event, designed to showcase the creativity of our members and our community, while raising funds to support Two Rivers Habitat for Humanity. This year, all designs will be inspired by a Broadway production – I’m looking forward to seeing everyone’s creativity on display. If you really want to make a night out of it, consider picking up some VIP tickets which
Our job shadow program with the Kasson Mantorville carpentry class has been a huge success over the years. Our next opportunity to host a student (or multiple students) is Wednesday, March 3rd from 8:45am – 11:45am. If you are interested in sharing more about the industry and specifically your line of work with a potential hire down the road, contact Rebekah and she’ll set you up.
On a personal note, my wife and I are now one month away from our due date and anxiously awaiting the arrival of our first kiddo! If you don’t see me at some of the upcoming events, it’s probably because I’m adjusting to all of the new changes coming my way, but I hope to be back to regular attendance soon!
Jason Scrimshaw, P.E. Kimley-Horn
2023 RAB President
6 | APRIL 2023
JASON SCRIMSHAW President Rochester Area Builders, Inc
7 | FOUNDATIONS NEWSLTR TulipTreeMarketing.com 2023 2013 TULIP TREE TURNS TEN! DURING ROCHESTER AREA BUILDERS Networking Night All Rochester Area Builders members and their guests are invited. Tuesday, March 28 4:00-6:00 pm 1001 2nd Ave. NW in Stewartville Come Celebrate with Us RSVPs not required, but registrations on MemberZone appreciated!
WELCOME NEW MEMBERS MARCH 2023
Harry Browns Family Automotive
Sean McCaslin
Automobile Sales & Service
507.332.7441
harrybrowns.com
Kneeland Painting, LLC
Hunter Kneeland Painting Contractor
715.586.0800
kneelandpainting.com
JOB FAIR OPPORTUNITY
Mayo High School is hosting a Job Fair on April 19th from 10:45-1:45 and would like to include more occupations from the Construction Industry.
If you are interested in participating please contact:
Amanda Burget, BSW
Student Resiliency Specialist
Mayo High School
(507) 328-5479
amburget@rochesterschools.org
SAVE THE DATE
GOLF REGISTRATION OPENS SOON!
WHEN: April 27th
TIME: 8:30am
WHERE: Registration Link
The registration link will open the morning of April 27th at 8:30am. NOT BEFORE Make sure your Member portal login is set-up before this date in order to register. Golf registration sold out within 42 minutes in 2022!
GOLF EVENT
DATE: June 1st
WHERE: Willow Creek Golf Course
CONTACT: Shelly@RochesterAreaBuilders.com
8 | APRIL 2023
GOLDEN TEE SPONSOR
JOB SHADOWING OPPORTUNITIES
Rochester Area Builders is providing job shadow opportunities for students in the Kasson - Mantorville carpentry program on Thursday, May 3rd from 8:45am to 11:45am. We are looking for hosts in the following areas:
• Architect
• Auto Body Repair/Mechanic
• Carpenter
• Construction Management
• Electrician
• Engineering
• Excavation
• Fire Protection
• Flooring
• Heavy Equipment Operator
Home Security
HVAC
Interior Design
Landscaping
Mechanical Design (CAD/Drafting)
• Painting
• Plumbing
• Welding
CONTACT REBEKAH at Rebekah@RochesterAreaBuilders.com
Thank you Modern Design Cabinetry for hosting the February Networking Night. Lots of great conversation and networking were had by all.
10 | APRIL 2023
KELLOGG MIDDLE SCHOOL PROGRAM
THANK YOU
Thank you to our members for speaking on careers in construction at our after school program at Kellogg Middle School. The students are excited to begin construction of the playhouse in April!
Ryan Jongeling, The Design Connection
James Coyle & Jerry Norman, City of Rochester
Nick Worden, DeCook Excavating
Nate Liesse, Elias Construction
Wayne Eisen, Advanced Building Center
Alex Loechler, Kruger Electric
Craig Curley, Superior Mechanical
Todd Boyum, Haley Comfort Systems
Brent Back, All Craft Exteriors
Jay Burke, Heartwood Homes of Rochester
Krista Weisz, Design Studio B
Tony Kunz, Hiller’s Flooring America
Troy Eiden & Jody Hocking, Modern Design Cabinetry
Crystal Hughley, ONB Bank
Carissa Frericks, Rochester Title & Escrow Company
11 | FOUNDATIONS NEWSLTR
JOB GAINS CONTINUE IN FEBRUARY AMID MIXED SIGNALS
BY JING FU on MARCH 10, 2023
Job growth continued in February. After a revised 504,000 job gain in January, total nonfarm payroll employment increased by 311,000 in February, and the unemployment rate edged up to 3.6% from 3.4% in January. Wage growth increased to a 4.6% year-over-year gain from 4.4% last month, but down compared to February 2022. Today’s job report indicates that, overall, the labor market is still strong, but showing signs of slowing of a strong start for the year.
Construction industry employment (both residential and non-residential) totaled 7.9 million and exceeds its February 2020 level. Residential construction gained 12,400 jobs, while non-residential construction employment gained 11,600 jobs in February. Residential construction employment exceeds its level in February 2020, while all non-residential construction jobs lost in March and April 2020 have now been recovered.
its pre-pandemic levels at the beginning of 2020, the rate for people who aged between 25 and 54 is back to the prepandemic level.
Total nonfarm payroll employment increased by 311,000 in February, following a gain of 504,000 in January, as reported in the Employment Situation Summary. The estimates for the previous two months were revised downward. The estimate for December was revised down by 21,000 from +260,000 to +239,000, while the January increase was revised down by 13,000, from +517,000 to +504,000. Despite tight monetary policy, over 4.3 million jobs have been created since March 2022, when the Fed enacted the first interest rate hike in more than three years.
The unemployment rate edged up to 3.6% in February. The number of employed persons increased 177,000, while the number of unemployed persons rose 242,000.
Meanwhile, the labor force participation rate, the proportion of the population either looking for a job or already holding a job, edged up 0.1 percentage point to 62.5% in February, reflecting the increase in the number of persons in the labor force (+419,000). Moreover, the labor force participation rate for people who aged between 25 and 54 increased to 83.1%. While the overall labor force participation rate is still below
For industry sectors, leisure and hospitality (+105,000), retail trade (+50,000), government (+46,000), professional and business services (+45,000), and health care (+44,000) have notable job gains in February.
Employment in the overall construction sector rose by 24,000 in February, following a 35,000 gain in January. Residential construction gained 12,400 jobs, while non-residential construction employment gained 11,600 jobs in February.
Residential construction employment now stands at 3.3 million in February, broken down as 939,000 builders and 2.3 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 6,917 a month. Over the last 12 months, home builders and remodelers added 90,300 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,292,600 positions.
In February, the unemployment rate for construction workers decreased by 0.3 percentage points to 4.9% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic.
13 | FOUNDATIONS NEWSLTR
BUILDER DAY AT THE CAPITAL
Builder Day at the Capitol is the day when all local Minnesota builders associations across the state join the Builders Association of Minnesota to advocate on our behalf with state elected officials. We had great conversations with Senators Liz Boldon and Carla Nelson and Representatives Pa Altendorf, Patricia Mueller, and Duane Quam. Our members discussed issues that impact the cost of single family home construction and other areas of our industry. Thank you to those who participated and brought our members’ voices to the State Capitol!
2023 LEGISLATIVE PRIORITIES
FIRST-GENERATION HOMEBUYERS DOWN PAYMENT ASSISTANCE FUND
JUST THE FACTS: PAID FAMILY AND MEDICAL LEAVE
14 | APRIL 2023
17 | FOUNDATIONS NEWSLTR STU D S , ST R UT S & S T E T TO S BROADWAY 4.20.23 Presented By: A Benefit For: Media Sponsor: TICKETS ON SALE! For more information or to purchase tickets, call 507.282.7698 or visit RochesterAreaBuilders.com
#31 Derby Builders Campbell Ct SW Pine Island
#32 M.P. Kaye Builders, Inc. 1471 Trophy Lake Rd SW
Pine Island
#33 Bigelow Homes 2004 E 20th St Zumbrota #34 Bigelow Homes 323 Highlands Ave Zumbrota
#35 Jech Custom Homes & Construction 1317 Skyview Cir NW Rochester
#36 Derby Builders 8332 Providence Rd NW Rochester
19 | FOUNDATIONS NEWSLTR of April 15 - 16 & 22 - 23 from 12pm to 5pm #01 Countryside Builders, LLC 3016 Platinum Dr NE Rochester #02 Countryside Builders, LLC 2229 Glady Ln NE Rochester #03 Meier Companies, Inc. 3260 Allison Ln NE Rochester #04 R. Fleming Construction, Inc. 3087 Century Ridge Rd NE Rochester
R. Fleming Construction, Inc. 3230 Bella Terra Rd NE Rochester #06 Bigelow Homes 2772 Hawk Ridge Ct SE Rochester #07 Rymark Construction, LLC 5030 Scenic Dr SW Rochester #08 Legacy Homes of Rochester, LLC 2643 Bentley Dr SW Rochester #09 Distinguished Homes by Mitch Hagen, LLC 2701 Bentley Dr SW Rochester #10 Thimijan Custom Homes, LLC 2704 Bentley Dr SW Rochester #11 Jim Kostroski Construction, LLC 2965 Monarch Ln SW Rochester #12 Otis Custom Homes, LLC 2123 Thea Ln SW Rochester #13 Robert Gill Builder, Inc. 2793 Mayo Prairie Ln SW Rochester
R. Fleming Construction, Inc. 2811 Wildflower Ln SW Rochester #15 Zen Custom Homes 5259 Trident Ln SW Rochester #16 Minnesota Living Co. 5240 8th St SW Rochester #17 Mike Allen Homes, LLC 777 Irvin Ln SW Rochester #18 Cravath Homes, LLC 6494 Paint Rd NW Byron #19 Cravath Homes, LLC 6612 Morgan Dr NW Byron #20 Bigelow Homes 642 Shardlow Pl NE Byron #21 Seth Friese Construction 837 Grand Ridge Dr NE Byron #22 Meier Companies, Inc. 932 Southwell Enclave NE Byron #23 Brevig Homes 1602 Ancaster Dr NE Byron #24 Golden Tee Development 951 Bridgeford Pl NE Byron #25 Bigelow Homes 902 12th Pl NW Kasson #26 DeWitz Home Builders, Inc. 6153 Sandstone St NW Rochester #27 Bigelow Homes 5346 Solstice Pl NW Rochester #28 Bigelow Homes 5237 Harvest Square Pl NW Rochester #29 Bigelow & Lennon Construction, LLC 6282 55th
Rochester
4945
Rochester
#05
#14
Ave NW
#30 Noble Development
Noble Dr NW
Sign Pick-up - April 14th 7:00am to 2:00pm
#37 Derby Builders 584 Merrywood Dr NW Rochester #38 Derby Builders 6340 Tallgrass Dr NW Rochester #39 Derby Builders 6349 MeriLn Pl NW Rochester #40 Derby Builders 6321 MeriLn Pl NW Rochester #41 Dave Alan Homes 7219 Ganser Rd NE Rochester #42 Pederson Homes 1675 Hadley Creek Dr NE Rochester #43 Exclusive Home Builders & Remodelers 4279 Cassidy Ridge Dr NE Rochester #44 Maplewood Custom Homes 4253 Cassidy Ridge Dr NE Rochester #45 Pederson Homes 4227 Cassidy Ridge Dr NE Rochester #46 Majestic Homes, Inc. 1962 Hadley Hills Dr NE Rochester
OPPORTUNITY SCHOLARSHIP
GRADUATING HIGH SCHOOL STUDENTS
POST-SECONDARY SCHOLARSHIPS
Go to https://qrco.de/ScholarshipApp for Scholarship application.
CRITERIA:
1. Applicant must be a resident of Dodge, Fillmore, Goodhue, Houston, Mower, Olmsted, Steele, Wabasha, Winona counties; be recommended by a RAB or BER member; or participated in the RAB Youth Sporting Clay Shoot.
2. Applicant must be accepted by a post-secondary program in a construction related field including technical school, trade school, apprenticeship, or college.
Rochester Area Builders, Inc. is proud to announce their 2023 scholarship program. Either $1000 or $500 non-renewable scholarships are available for graduating high school seniors and college freshmen. Scholarships are made available through the Commercial Builders Council, the Builders Exchange of Rochester, and the Youth Sporting Clay Shoot. Scholarships are for attendance in a post-secondary program in a construction-related field including technical school, trade school, apprenticeship, or college. Scholarship recipients will be announced in June 2023. To be eligible for any scholarships, applications must be postmarked by May 8, 2023.
3. Applicant must have a 2.5 or better G.P.A. – High School Transcript Required
4. Applicant must demonstrate financial need.
5. Scholarship will be paid directly to the school.
Rochester Area Builders
108 Elton Hills LN NW Rochester, MN 55901
507-282-7698
Rab@rochesterareabuilders.com
ROCHESTER BUILDING PERMITS
YEAR TO DATE STATISTICS
TCPA BUILDING PERMITS
22 | APRIL 2023 NEW RESIDENTIAL Single Family Dwelling 13 5,877,577 9 3,846,000 Townhome Dwelling 12 2,530,000 2 367,000 Two-Family Houses 0 0 0 0 Manufactured Home 0 0 0 0 Multi-Family Bldgs (Units) 97 15,685,000 127 15,000,000 EXISTING RESIDENTIAL Deck Addition 1 10,000 2 13,000 Room Addition 0 0 0 0 Porch Additions 0 0 0 0 Other Additions 0 0 0 0 Basement Finish 14 610,000 23 463,085 Alterations 61 1,247,831 37 583,038 Multi-Family Addition 1 15,000 0 0 Multi-Family Alterations 2 50,001 4 1,015,644 NEW COMMERCIAL Assembly (Church) 0 0 0 0 Assembly (General) 0 0 0 0 Assembly (Restaurant/Bar) 0 0 0 0 Business 0 0 3 67,350,000 Education 0 0 0 0 Factory/Industrial 0 0 0 0 Institution 0 0 0 0 Mercantile 0 0 0 0 Miscellaneous 0 0 0 0 Residential (Apartment) 0 0 0 0 Residential (Care/Assisted Living) 0 0 0 0 Residential (Care/Hotel/Motel) 0 0 0 0 Storage (General) 1 2,500,000 0 0 Storage (Parking Garage) 0 0 0 0 Storage (Warehouse) 0 0 0 0 Utility (General) 1 6,317,511 1 10,300,000 Utility (Private Garage) 0 0 0 0 EXISTING COMMERCIAL Addition 3 804,000 1 400,000 Alterations 34 18,443,593 18 4,581,802 Structural Shell 0 0 0 0 “White Box” 0 0 0 0 Interior Demolition Only 0 0 0 0 Other Phased Permits 0 0 0 0 OTHER CONSTRUCTION Business Signs 8 127,705 5 157,674 Advertising Signs 0 0 0 0 Footings & Foundations 0 0 0 0 Demolition 2 0 0 0
BUILDING PERMITS ISSUED TO DATE 273 84,507,082 234 125,879,328 Single Family Dwelling 19 8,293,277 14 6,999,000 Multi-Family Buildings Total Units: 97 1 15,685,000 1 15,000,000 TRADE PERMITS ISSUED TO DATE 1357 25,508,068 1431 28,094,945 Electrical 457 9,840,861 548 14,137,870 Electrical (Temp. Service) 22 4,750 13 6,250 Mechanical (HVAC) 390 8,083,401 406 4,461,532 Mechanical (Gas Piping) 78 170,444 65 97,658 Mechanical (Fireplace) 46 169,094 52 230,225 Mechanical (Hydronic) 27 3,512,088 35 4,075,368 Plumbing 337 3,727,430 312 5,086,042 TOTAL PERMITS YTD 1630 110,015,150 1665 153,974,273
2023 VALUATION 2022 VALUATION FEBRUARY 2023 2023 NO. VALUATION 2022 NO. VALUATION Cascade Township 8 372,000 Dover Township 0 0 Elimira Township 0 0 Haverhill Township 4 14,500 High Forest Township 0 0 Kalmar Township 3 385,000 New Haven Township 7 20,000 Orion Township 0 0 Pleasant Grove Township 3 15,500 Rochester Township 8 1,222,000 Rock Dell Township 1 271,000 Salem Township 1 0 Viola Township 1 0
FEBRUARY 2023 NUMBER VALUATION Activity Overview Key Metrics Historical Sparkbars 2-20222-2023 Percent Change YTD 2022YTD 2023 Percent Change Current as of March 7, 2023. All data from Southeast Minnesota REALTORS® and NorthstarMLS®. Provided by the Minnesota Association of REALTORS®. Report © 2023 ShowingTime. 2 Months Supply 0.9 1.3 + 44.4%-Homes for Sale 481 592 + 23.1%-- 1.8% Affordability Index 155 129 - 16.8%161 131 - 18.6% Pct. of Orig. Price Received 98.2% 96.0% - 2.2%97.8% 96.0% - 2.2% Avg. Sales Price $300,294 $272,682 - 9.2%$287,259 $279,561 - 2.7% Median Sales Price $255,000 $242,163 - 5.0%$245,500 $240,000 - 30.9% Days on Market 49 57 + 16.3%48 52 + 8.3% Closed Sales 319 224 - 29.8%666 460 609 - 18.1% Pending Sales 401 303 - 24.4%780 604 - 22.6% 744 Key metrics by report month and for year-to-date (YTD) starting from the first of the year. New Listings 409 300 - 26.7% 2-2020 2-2021 2-2022 2-2023 2-2020 2-2021 2-2022 2-2023 2-2020 2-2021 2-2022 2-2023 2-2020 2-2021 2-2022 2-2023 2-2020 2-2021 2-2022 2-2023 2-2020 2-2021 2-2022 2-2023 NO UPDATES
OLMSTED COUNTY PERMITS YTD
OLMSTED COUNTY PERMITS
PINE ISLAND BUILDING PERMITS
23 | FOUNDATIONS NEWSLTR
FEBRUARY 2023 NEW RESIDENTIAL NUMBER VALUATION Single Family Detached 1 295,000 Single Family Attached 0 0 Existing Residential Basement Finish 0 0 Deck Addition 0 0 NEW RESIDENTIAL Single Family-Detached 2 1,568,566 7 2,337,387 Single Family-Attached 0 0 0 0 Garage 0 0 0 0 RESIDENTIAL Deck 2 13,433 1 3,341 Addition 1 246,662 0 0 Alterations 18 250,035 37 838,518 Garage Addition 0 0 0 0 NEW COMMERCIAL/INDUSTRIAL Recreational 0 0 0 0 Church/Religious 0 0 0 0 Industrial/Warehouse 0 0 0 0 Service/Repair Station 0 0 0 0 Store/Restaurant 0 0 1 78,552 Nonresidential Building 0 0 1 616,530 MISCELLANEOUS PERMITS Mechanical 36 195,612 31 148,734 Plumbing 9 40,224 13 41,125 TOTAL PERMITS 74 10,906,607 95 4,322,791
COMMERCIAL/INDUSTRIAL Addition 1 8,541,418 0 0 Alterations 5 50,657 3 244,372 Re-roofing 0 0 0 0 OTHER STRUCTURES Pool, Retaining Wall, etc. 0 0 0 0 Manufactured Homes 0 0 0 0 2023 VALUATION 2022 VALUATION 2023 VALUATION 2022 VALUATION TOWNSHIPS/CITY FEBRUARY 2023 City of Byron 10 124,391 27 2,112,452 Eyota Township 0 0 0 0 Marion Township 7 55,090 5 131,016 Oronoco Township 5 59,595 3 524,430 City of Stewartville 13 124,391 9 127,666 Quincy Township 1 23,000 1 15,000
2023 VALUATION 2022 VALUATION 26 Residential building plans submitted 2023: 718 *Avg: 816 Commercial inspections completed 27 Commercial building plans submitted CD Report 2023: 28 *Average: 32 2023: 1,409 *Avg: 1,315 Residential inspections completed YTD Commercial permits issued 2023: 119 *Average: 124 YTD Building permit plans reviewed 2023: 1 *Average: 2 YTD Zoning Certificates submitted 2023: 5 *Average: 4 YTD Type I Applications submitted 2023: 0 *Average: 1 YTD Type II Applications submitted 2023: 2 *Average: 4 YTD Type III Applications submitted 2023: 6 *Avg: 16 YTD NEW Housing Units 1 Week Residential plan review time 3 Weeks Commercial plan review time *Average based on 2020, 2021, 2022 2023: 91 *Average: 92 2023: 575 *Average: 775 2023 $2,145,700 *Average $5,639,242 2023 $15,000 *Average $9,556,345 2023 $27,690,880 *Average $13,138,052 2023 $11,338,331 *Average $8,304,798 YTD Residential permits issued YTD Trade permits issued YTD Residential valuations YTD Commercial valuations YTD Alterations valuations YTD Trade valuations BUILDING DIVISION PLANNING DIVISION Jan. 2023
MORTGAGE ACTIVITY INCREASES DESPITE MORTGAGE RATE VOLATILITY
BY JESSE WADE on MARCH 8, 2023
Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose eight basis points to 6.79%. The FRM rate has risen 61 basis points over the past month.
The Market Composite Index, a measure of mortgage loan application volume, rose by 7.4% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 7.0%, while refinancing activity increased 9.0% week-over-week.
Purchasing activity has remained low as buyers wait for interest rates to fall back, the seasonally adjusted purchase index was 42.3% lower than a year ago when the FRM rate was 4.27%. Refinancing activity continues to remain low; the Refinancing Index is down 76.1% from one year ago.
The refinance share of mortgage activity increased from 28.7% to 28.9% over the week, while the adjustable-rate mortgage (ARM) share of activity increased to 8.6% from 8.1%. The average loan size for purchases was $425,700 for the first week of March, down from $427,000 over the month of February. The average loan size across purchases, ARM and FRM was down in the first week of March after two consecutive months of increases. For refinancing, average loan size has fallen to $264,500 from $345,800 in March of 2020.
25 | FOUNDATIONS NEWSLTR
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FOUNDATIONS NEWSLETTER ADVERTISING
Rochester Area Builders Newsletter is an unbeatable opportunity to advertise to members and individuals associated with RAB. It is a source of valuable association and industry information, and is published and emailed monthly. Foundations is sent to over 1600 connected industry professionals. Ad sizes are listed under Display Ad Dimensions, and prices are located above. Ads may be changed from month to month.
Our prices are for full color ads. We will gladly work with you to design your ad. Please send digital files for all ad copy, logos, and artwork. We use PC format. We accept Illustrator and Photoshop files. Convert all fonts to outlines. We also accept the following high resolution file types: .tif, .eps and .pdf (with all graphics and fonts embedded). If you have any other formats please contact us.
RETURN TO: ROCHESTER AREA BUILDERS
Shelly Bahlmann
Shelly@RochesterAreaBuilders.com
108 Elton Hills Ln NW
Rochester, MN 55901
507-282-7698
27 | FOUNDATIONS NEWSLTR
Newsletter Advertising Rates Per Issue 12 Issues New Member 12 Issues Full color 1/2 Horizontal c $70.00 c $650.00 c $490.00 Full color Full Page c $90.00 c $900.00 c $675.00 Full Color Full Page Press Release c $25.00 Newsletter Display Ad Dimensions 1/2 Horizontal 8-1/2 x 5-1/2 Full 8-1/2 x 11
Send artwork to Shelly@RochesterAreaBuilders.com by the 15th of the month to be included in the upcoming Foundation Newsletter.
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Reach Qualified Customers
Advertise on the RAB Website!
More than 3,000 people visit the RAB website each month, many of them looking for a contractor. Advertise on our site and reach them when they’re primed to buy! Banner ads are available in a variety of locations on the RAB site, from job posts to the contractor directory. Higher tiers come with priority placement in directory search results too. Contact us today to learn how you can start advertising, starting at $299.
Contact Elizabeth Elizabeth@RochesterAreaBuilders.com or 507-282-7698
WEBSITE PROFILE ENHANCEMENTS
Company Name, Address and Phone Number
Links to Website, Address, and Phone
5 Categories
Medium Placement in Search Results
Link to Profile Page
12 Categories
Company Description (200 Characters)
Keywords (240 Characters)
Hours of Operation
Driving Directions
Higher Placement in Search Results
Company Description (1600 Characters)
Keywords (Unlimited Characters)
200 Characters on Search Results
Bulleted List with Hyperlinks
Logo on Profile Page Can Be Added
Search Results Summary (200 Characters)
Profile Page Header Can Be Added
Gold Map Pin
Logo On Search Results Can Be Added
Social Networks Can Be Added
Photo Gallery Can Be Added
YouTube Video Can Be Added
Contact Elizabeth for more information
30 | APRIL 2023
STANDARD LISTING UPGRADED LISTING ENHANCED LISTING PREMIUM LISTING
NO ADDITIONAL CHARGE $100 ANNUALLY $300 ANNUALLY $500 ANNUALLY
Exclusive discounts that benefit you, your business and your family nahb.org/Savings NAHB Member Put your membership to work.
