New Home Construction Booms in Rumson, Fair Haven

New Jersey is seeing a bump in home construction, according to a NJ Spotlight report.

New residential construction levels declined significantly in the late 2000s due to the recession but the industry is finally starting to rebound, NJ Spotlight said. There was a 38 percent increase in the number of homes built in New Jersey from 2009 to 2012.

In Rumson, 18 residential buildingpermits have been issued for single-family units through May. In 2012, a total of 30 permits were issued for single-family units, a 76 percent increase since 2009. Those figures compare to 2011’s 27 permits, all single family; 2010’s 23 single-family units; and 2009’s 17 permits, 10 single family.

NJ Spotlight’s comprehensive map also shows fluctuating construction values in Rumson. In 2009, the construction value per home was $645,485 while it dipped to $682,690 in 2012 and $617,678 for 2013.

In Fair Haven, seven single-family permits have been authorized since May. In 2012, Fair Haven issued 14 single-family permits, a 75 percent increase since 2009. This compares to 2011’s total of 11 single family units, 2010’s 12 and 2009’s eight.

Construction values also fluctuated in Fair Haven. In 2009, the construction value per home was $328,625; 2012, $378,107; and 2013, $195,214.

Rebuilding at the Jersey Shore post Superstorm Sandy could be a contributing factor to the 45 percent increase compared to the first five months of 2012, NJ Spotlight reported. But the state is also seeing a boom in building in areas that were not severely damaged by Sandy, especially in the construction of multifamily units.

Last year, 17,939 units were authorized statewide, an increase from the 12,952 in 2011, NJ Spotlight reported. Residential construction saw a real low in 2009 at 12,421, the lowest number of permits issued in more than two decades. The pre-recession high was in 2005, when 38,588 new housing units were authorized throughout the state.