New Jersey is state defined by a ‘can do’ attitude. Our residents are tough, resourceful, and refuse to let disasters and set-backs dampen their spirits or slow their progress.
This attitude can be seen clearly in the most recent forecast for New Jersey home builders. Despite the continuing Sandy recovery efforts and a slew of weather delays during last winter, New Jersey home builders are set to start construction on the largest number of new homes in the state since 2005.
New Home Growth: 30%
Including requests honored in July, New Jersey home builders have obtained over 17,000 building permits, according to the U.S. Census Bureau. This represents a growth in home building of more than 30% over last year.
Leading this charge is a boom in the construction of rental properties and a sktrocketing demand for housing in the New Jersey region after Superstorm Sandy. More than 60% of the newly permitted homes will be multi-family dwellings destined to serve as long-term rental properties. As many families struggle with financial losses following Superstorm Sandy,not to mention tightening mortgage lending standards, these rental properties are expected to be highly sought after in the coming years.
North Jersey Leads the Pack
Following the trend of previous years, North Jersey is set to dominate the home construction market, with 30% of all building permits going to New Jersey home builders in the northern part of the state. This skewed distribution is largely owed to spillover demand from the New York housing market and higher earning per capita among resident in New Jersey’s northern reaches.
Economists suggest that the total number of housing permits issued this year may top 28,000, as demand continues to rise. This would put this year’s new construction numbers at 17% above last year’s and would represent the highest number of new home permits for New Jersey home builders since the recession.
Sweet Home New Jersey
Hundreds of these new homes are already under construction, from Cape May to Long Beach Island to Sand Hook and everywhere in between. Whether you’re looking to buy a new home or just looking for a rental property, you won’t be hurting for options.
D.E.N.J. Inc., is proud to be a part of this drive to build more new homes in New Jersey. A New Jersey home builder with over 25 years of experience and hundreds of beautiful, custom built homes to their credit, D.E.N.J. has a long track record of delivering excellence in construction for all their customers. If you’re looking to build a new home in New Jersey, renovate your current home, or start construction on a multi-family home with the intent of turning it into a rental investment, D.E.N.J. has the experience, professionalism, and proven track record to make any dream home a reality. Get in contact with one of our expert planners and let’s build something together!