Apartment construction in the Northeast fueled a jump in home building in July as the pace of housing starts nationwide reached the strongest pace in six months.
New data from the U.S. Census Bureau shows homebuilding in New Jersey is slowing down, and that’s expected to put a damper on economic activity in the Garden State moving forward.
Fewer new homes were built in February. In fact, housing starts plummeted in the Northeast and in the Midwest as a result of frigid temperatures and heavy snowfall. Despite the decrease, demand remains high in New Jersey.
After a strong finish to 2014, residential construction in New Jersey started 2015 on a positive note. Homebuilders drew 1,740 building permits which was just shy of the best January since 2007.
New Jersey builders slowed their permit applications for housing in the latest month of reporting, in what has otherwise been a busy year for housing construction.
Hurricane Preparedness Week is a good time to take a look at how far we have come with better and more sturdy construction of shore homes and businesses in this post-Sandy era.