ROSELAND, NJ-New home construction has risen 32% thus far in 2013, sparked by the construction of rental apartment projects throughout the state.
Through the month of July there were 13,234 building permits issued for housing units in the state of New Jersey, according to figures released by the US Census Bureau on Monday. Last year at that time, a little over 10,000 permits were issued.
“There's an acceleration in activity,” says Patrick O'Keefe, an economist with CohnReznick, an accounting firm with an office in Roseland. “While we're not back to the go-go days of 2005, we have gotten back to a more sustainable pace.”
The state is on pace to reach 22,000 permits for housing units in 2013, well above the nearly 18,000 issued in 2012, according to The Record. In the peak of the housing boom in 2005, there were 38,588 building permits for housing issued.
“Multifamily is where the demand is now,” said Russo Development spokeswoman Lisa Sikora. “We're seeing a lot of twenty-somethings who, before, only wanted to live in New York City or along the (Hudson River) Gold Coast. We're seeing that demographic become more comfortable near a train station but with a more suburban lifestyle.” See story in The Record.
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