Home builders in New Jersey received more permits in June than they had in nearly 30 years, new data shows.
Roughly 4,800 permits were authorized in New Jersey last month, the U.S. Census Bureau reported, an increase of 12 percent from May. Nearly 80 percent of the permits obtained in June were for multifamily projects, the data shows.
Patrick O’Keefe, director of economic research at CohnReznick, said the 4,792 units authorized in June represent the largest number of permits obtained since mid-1988. The 3,776 multifamily units approved in June was the highest level of any month from 1980 forward, he said.
“It was the third consecutive month in which multifamily authorizations reached a historic peak,” O’Keefe said in a memo.
More than 1,000 single-family permits were obtained in June, the Census data shows, a jump of roughly 29 percent over May. June was only the fifth month since the beginning of 2008 that more than 1,000 single-family construction permits were issued, O’Keefe said.
From the beginning of this year through June, more than 16,600 residential construction permits have been authorized, representing a 20 percent increase over the same time period last year.
“This year’s stronger first-half performance is attributable solely to increased multifamily activity,” O’Keefe said, which is up some 37 percent from last year.
Authorizations for single-family units, meanwhile, have fallen by nearly 7 percent compared to the first half of 2014.