Contact Us
Make My Homepage

New Jersey Builders Start Strong In January [AUDIO]

2013 started strong for New Jersey homebuilders as they bounce back from the recession and Hurricane Sandy.

Justin Sullivan, Getty Images

Economic Analyst Patrick O’Keefe, of Cohn-Resnick in Roseland, said builders obtained twice as many construction permits this January compared to the same time a year ago. He said some of it had to do with Sandy rebuilding and some was new construction.

O’Keefe pointed out that builders are still on the long road back.

“These gains are still coming against four or five years of almost historic low levels of construction.”

It was the best start of any year since 2007, due to a 52.5% year-on-year gain in single family permits and a more than doubling (+108.5%) of multifamily authorizations, which accounted for some two-thirds (64.5%) of the month’s total approvals.

O’Keefe said most of the permitting was for multifamily units. But he said a good start is a good start.

“It looks like that’s going to carry us through the year,” he explained.

Almost as noteworthy: January’s approvals exceeded December’s (+5.3%) for the first time since 2001. Over the ensuing 11 years, the December-to-January drop had averaged -18.6%.

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.

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.