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HOUSING CHARACTERISTICS <br /> Introduction <br /> The variety and condition of the housing stock in a community provides the basis for an <br /> attractive living environment. Housing functions as a building block for neighborhoods and <br /> goods and services. We examined the housing market in Elk River by reviewing data on the age <br /> of the existing housing supply; examining residential building trends since 2000; and reviewing <br /> housing data from the American Community Survey that relates to Elk River. <br /> Residential Construction Trends 2000 to Present <br /> Maxfield Research obtained data from the City of Elk River on the number of building permits <br /> issued for new housing units in Elk River over the past decade and through July 2012. Table HC- <br /> 1 displays permits issued for single-family homes, townhomes/twin homes, and multifamily <br /> dwellings of three or more units. Multifamily units include both for-sale (condominium, <br /> twinhomes, and townhomes) and rental projects. The following are key points about housing <br /> development since 2000. <br /> • The City of Elk River issued permits for the construction of 2,662 new residential units from <br /> 2000 to 2011. That equates to about 221 units annually since 2000. <br /> • Through 2006, the City of Elk River issued 93% of the overall permitted units for the period. <br /> Over this period, residential construction averaged over 354 units per year. However, <br /> beginning in 2007, which was the start of the Great Recession, building permits started <br /> declining rapidly, and from 2007 to 2010 the City has averaged only 37 units per year. Over <br /> 90% of the units (171) since 2007 have been single-family homes with the remaining (16 <br /> units) being rowhomes/townhomes. <br /> Residential New Construction(Total Units) <br /> Elk River <br /> 2000-2012* <br /> 350 <br /> 300 <br /> 300 285 •Single-Family <br /> •Town/Twi nhomes <br /> 250 228 235 ■Multi-family 3+Units <br /> . <br /> 194 195 <br /> ar 200 72 162 150 <br /> 2 S. 145 <br /> N 150 <br /> 98104 <br /> = 100 - 86 76 <br /> 50 32 25 <br /> • 18 i . [I, 2 1225 4 15 11 14 <br /> 0 <br /> 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* <br /> Year (*2012 Data through July) <br /> MAXFIELD RESEARCH INC. 33 <br />