Residential Building Permits Summary
According to the latest data from the US Bureau of the Census on housing units authorized by building permits, New Jersey had 1,854 units approved for construction in March. This is 645 fewer permits than the 2,499 issued in March 2014. This decline occurred because fewer approvals were issued for units in multi-family (-464 units or -31.3%) and single-family (-181 units or -17.8%) structures in the current year.
Over the month, the number of housing units authorized for construction rose by 122 units or 7.0 percent compared with February 2015’s revised total of 1,732. The increase was the result of gains in approvals of single-family houses (221 units or 35.9%) offset by losses in proposed multi-family housing (-99 units or -8.9%). Of the units for which permits were issued in March, 54.9 percent (1,017) were multi-family and 45.1 percent (837) were single-family.
Hudson County led the state with the most issuances of building permits with a total of 219. Of these, 205 were for units in multi-family structures and 14 were for single-family houses. Secaucus was the municipality in the county with the most authorizations (86) followed by Hoboken (53). In Secaucus, 84 multi-family units and two single-family houses were approved, while all the residences authorized for Hoboken were multi-family.
In second place was Bergen County where 209 units were authorized, including 132 in multi-family housing and 77 units in single-family structures. Leading the county in authorizations was Lyndhurst Township with a total of 56 units, including 55 in multi-family structures and one single-family house. The remainder of approvals were scattered across the other 69 municipalities in the county.
The third-ranking county was Morris, with a total of 204 approvals, including 113 multi-family residences and 91 single-family houses. The municipality with the most authorizations was Denville Township with 46 units, all single-family houses.
Ranking fourth among the state’s 21 counties was Ocean with a total of 180 units including 169 single-family houses and 11 multi-family residences. The leading municipalities in the county were Toms River (51) and Lakewood (35) townships. In Toms River Township, all the units authorized were single-family houses. Lakewood Township granted approval for 29 single-family houses and six units in multi-family structures.
Rounding out the top five was Middlesex County where a total of 140 units were authorized including 81 in multi-family structures and 59 single-family houses. The municipality where the most approvals was New Brunswick (33), where 32 multi-family residences and one single-family house are planned.
Nationally, the issuance of building permits on a not seasonally adjusted basis rose by 13,796 or 17.8 percent over the month from 77,539 in February 2015 to 91,335 in March 2015. Across the United States, building permits were up over the year by 7,616 or 9.1 percent from March 2014. For the month of March 2015, single-family houses accounted for 62.9 percent of the units authorized, while 37.1 percent were multi-family.
Year to date through March 2015, Ocean County (646 units) ranked second in the state next to Hudson County for the most residences authorized. Ocean County, located along the Atlantic Coast benefitted from approvals to replace houses lost due to Hurricane Sandy as well as from strong demand for additional vacation and retirement homes. The county led the state in permitting of single-family houses. Of the units authorized, 470 were single-family and 176 were multi-family.
The northern part of the state remains an important driver of housing demand in the state as three counties (Hudson, Bergen and Union) combined approved 1,973 units and were responsible for 36.9 percent of the statewide total. Hudson County issued permits for 924 units, including 811 multi-family residences and 113 single-family houses. In Bergen County, 539 units were proposed, including 355 multi-family residences and 184 single-family houses. Union County authorized 510 units, including 432 in multi-family housing and 78 single-family houses.
The top municipality in the state for permit issues so far this year is Jersey City, located in Hudson County. The city authorized a total of 529 units, including 427 in multi-family housing and 102 single-family houses. Located across from Manhattan, Hudson County is a desirable location for workers employed in the nation’s largest city. In second place was Toms River Township in Ocean County where a total of 205 units including 133 single-family residences and 72 units in multi-family housing were authorized. Located near the Atlantic Ocean, Toms River is a popular vacation and retirement destination. The township ranked first among the state’s municipalities in single-family authorizations. Ranking third was Hudson County’s Secaucus which approved a total of 186 units including 183 multi-family residences and three single-family houses.
Across the United States, 241,071 units were authorized on a not seasonally adjusted basis year to date through March 2015. This represents a gain of 19,603 or 8.9 percent over the level of March 2014 (221,468). Through March 2015, 60.4 percent of the units authorized were single-family. The remaining 39.6 percent were multi-family.
Detailed residential building permit data for New Jersey, its counties, as well as all 565 municipalities are available from the New Jersey Department of Labor and Workforce Development on the Internet (http://lwd.dol.state.nj.us/labor/lpa/LMI_index.html).