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NJ Homebuilding Rose In October


12/1/15

by Patrick J. O'Keefe, Director of Economic Research

View accompanying chartbook.

In October, New Jersey's homebuilders obtained authorization to undertake construction of 2,766 residential units. That was the largest number of approvals since June, when the number of permits rose to a 27-year high, according to data published by the U.S. Census Bureau.

Month-on-Month: October's approvals exceeded September's by almost one-quarter (24.9%) as a sharp rise (up 45.1%) in the number of multifamily units authorized was partially offset by a 6.8% decline in the number of single-family permits that were issued. (When adjusted for seasonal factors, October's single-family decline was 15.8%.)

Year-to-Date: In the ten months through October, construction of 26,016 residential units has been authorized statewide. That is almost one-tenth (9.6%) more than in 2014's comparable period and the highest ten-month total of any year since 2006.

2015's stronger year-to-date performance is wholly attributable to a sharp increase (up 21.1%) in multifamily approvals; that gain was partially offset by an 8.2% decline in single-family permits. 

Outlook: October’s rebound in total approvals partially compensated for the summer's deceleration and kept for calendar year 2015 on track to surpass 30,000 units for the first time since 2006. 


The statements, opinions, and conclusions contained herein are based solely upon the author’s own studies, research, and personal experience. Neither CohnReznick nor the author make any representation or warranty as to the accuracy or completeness of this information. CohnReznick and the author expressly disclaim any liability for any loss or damage which may be incurred, of any kind whatsoever, as a result of or arising from the use of any of the information contained herein or reliance on the accuracy or completeness of it.

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