Contact Us
Make My Homepage

Homebuilding Permits Up in NJ [AUDIO]

The first three months of 2014 brought some encouraging signs for the homebuilding market in New Jersey — and the latest good news on that front: Permits for new construction reached a seven-month high during the month of March.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

New house construction
Matt Cardy, Getty Images

In fact, New Jersey homebuilders took out 2,330 construction permits last month. That’s the largest number since last August.

Patrick O’Keefe, director of economic research at CohnReznick in Roseland, said the combination of these statistics adds up to a big positive for the industry.

“All of the numbers look very good,” O’Keefe said. “We’re not back to where we were, or where we’d like to be, but we’re moving in the right direction.”

Most of the new permits taken out in the Garden State in March were for multifamily construction, primarily meaning apartment construction. The March permits were the second-highest total for any month since mid-2008.

“The state’s building industry, while it’s still well below where we were prior to the meltdown, is showing real signs of strength,” O’Keefe said.

He also said that construction permits for single-family homes typically soared in March, but when adjusted for the season, those figures remained flat. Single-family permits usually are issued immediately before construction of a unit is about to start, so they are sensitive to the current season.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.