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July single-family home construction permits in Twin Cities at six-year high

Multifamily construction permits were down a bit from a year ago, but builder optimism is high.

The number of building permits issued for single-family houses in the Twin Cities area was higher in July than in any month since June 2007, the Builders Association of the Twin Cities said today.

Data compiled for the group showed 509 single family permits issued in July, the highest for any month since June 2007, when 537 permits were issued.

Permits for multifamily units, though, were down in July by 11 percent from a year ago, but the year-to-date units remain 24 percent higher than units at this time in 2012, the association said.

Pamela Belz, Builders Association of the Twin Cities president, said:

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“The National Association of Home Builders just reported that new home sales are at a five-year high and builder optimism is up to its highest point since 2005. In talking to members of our association, I’m hearing much the same story.

“But locally as well as nationally there are still concerns as we see interest rates rise, inventory of lots dropping rapidly, and labor shortages that may become critical in the fairly near future.”