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NJ Housing Approvals Rebound in September


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

View accompanying chartbook.

New Jersey’s homebuilders obtained 2,548 building permits (i.e., authorizations to undertake construction) in September. 

Month-on-month: Total authorizations rose 26.5% as single-family approvals notched the largest one-month gain since April 2013 and multifamily permits partially rebounded from August’s sharp drop. [Chart 1]

Year-to-Date: Over the course of 2014’s first nine months, residential authorizations in New Jersey exceed every year since 2006. 

Year-to-date approvals totaled 21,778 units, 24.6% more than 2013’s comparable period; authorizations of multifamily (i.e., attached) dwellings accounted for four-fifths (80.3%) of that increase. [Chart 4]

Although multifamily authorizations have accounted for 61.8% of this year’s approvals, the share has retreated a bit from July’s 63.0%, the peak proportion in monthly records dating from 1988. 

Single-family approvals during the year’s first nine months totaled 8,327 units, 11.3% greater than the comparable period in 2013. 

Adjusted data: Permit data (especially multifamily authorizations) tend to be volatile and, like many economic indicators, vary seasonally. 

Adjusting for those factors – by using a three-month moving average of seasonally adjusted data – approvals rose in the most recent period due to solid gains in both single and multifamily permits. [Charts 6]

When single-family approvals are adjusted for seasonal fluctuations, September’s authorizations were 27.5% greater than the prior month’s and, as a result, the three-month average exceeded 900 for the first time this year. [Charts 9 and 10]

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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