Laserfiche WebLink
Stabilized annual demand is decreasing because the State Demographer is projecting slower <br />future growth for the Metropolitan Area. <br />Figure 4-4 <br />METROPOLITAN AREA BUILDING PERMITS; 1990 TO 2012 <br />STABILIZED RESIDENTIAL DEMAND; 2013 TO 2035 <br />25,000 <br />Units <br />20,000 <br />..5,000 <br />1o.000 — , _— - = �! _ t — <br />5,000 <br />0 T T T T T T-Y-T'T+T Y T TnY T T Y TT T-TT <br />mFpmmmmTOs0'0, $�8888 aao00oaoo®oTTooTOTO®TpToo en ;do 40 o00®od en 0O In N 0, 01 Os 01 0, 0, <br />w[ av .w .I ry rt e-t .w .--t M nt [v Iry ry ry [vi ry ry [v ry ry £u eei P1 NI ry ry N N(V N r'n N N MI N ry ry IN [v N n N N N [v <br />•--M Avgerage Household Increase • Building Permits <br />■ Residential Demand <br />Source: U.S. Census, State Demographer, and McComb Group, Ltd. <br />Household growth in the Metropolitan Area has been declining since the 1970 to 1980 period <br />when annual average household increase was 18,231. In the next decade (1980 to 1990), the <br />average annual increase was 15,406. Between 1990 and 2000, the average annual household <br />increase was 14,595 (shown by the black line in Figure 4-4) compared to annual average <br />building permits of 15,141, a difference of 3.6 percent, which could be accounted for by vacancy <br />and demolition of existing units. In the latest 10-year period (2000 to 2010), average annual <br />household growth was 9,830 compared to average annual building permits of 12,279. The sharp <br />decline in building permits beginning in 2007 is clearly evident. Building permits more than <br />doubled in 2012 to 10,301, a positive sign. Future stabilized residential demand is represented <br />by the red bars and is expected to grow slowly over the next five years. This graph demonstrates <br />that over the long-term, residential demand is expected to moderate as household growth slows. <br />Ramsey Residential Demand <br />Future stabilized household growth projections for Ramsey and the Ramsey Station Draw Area <br />take into consideration estimated future market share in the North Growth Corridor and <br />Northstar Corridor Draw Area. Market share relationships established in the previous section are <br />used to estimate future stabilized residential market demand. Future Metropolitan Area <br />4-20 <br />