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New York tops hottest home construction markets [VIDEO]

Posted on Monday, August 10, 2015 at 11:25:54 AM

Hopefully most people seeking residential financing and a home enjoy the ocean, because many of this year's top 10 markets for residential permits and home construction are on the coasts.

The Commerce Department released data last month revealing the top markets for both homebuilding and residential construction permits, according to the Wall Street Journal. The agency found that, by a substantial margin, the New York metro area is the top market in the U.S. for home construction. Other coastal markets that finished in the top 10 were Los Angeles, Seattle, Washington, D.C. and Miami. Most of the remaining five cities in the top 10 are located in Texas - Houston, Dallas and Austin at the number two, three and 10 spots, respectively. The only one located neither in Texas nor on a coast to make the top 10 list was Atlanta.

The markets with the highest residential permit gains were the same as the top 10 in construction, though shuffled slightly.

Recently released data from Metrostudy, a Hanley Wood company, indicates that a strong pace of construction is likely to continue through 2015. The study found that housing starts are expected to hit 1.07 million this year, with 691,000 of those being single-family homes. Multi-family home starts were also strong, as the rental market continues a stretch of robust activity.