NEWARK, NJ-After a dip in June, new home construction in the Garden State shot up 32% in July as compared to a year earlier, according to CohnReznick, a New York City-based accounting and consulting firm.
New Jersey homebuilders obtained 2,261 permits in July, which accounted for the third highest monthly total in five years, according to the Star Ledger. “Despite month-to-month fluctuations, the state's housing recovery appears to be gathering momentum,” CohnReznick Director of Economic Research Patrick O'Keefe states. The firm relates that building permits for both single-family and multi-family homes rebounded from activity generated in June.
Residential construction permits are almost three times that of permits filed in mid-2009, which is considered the bottom of the home construction market during the recent recession.
“Based on the residential permit data through the first seven months of 2013, housing construction in New Jersey is poised to accelerate and, in doing so, provide further impetus to the state's economy,” O'Keefe says. See story in the Star Ledger.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.