New Home Construction Booms in Long Branch, Eatontown

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 Eatontown, 21 residential building permits have been issued through May. Of the 21 permits, nine were for single-family homes. In 2012, a total of 52 permits were issued, an 85 percent increase since 2009. Of those 52 permits, nine of them were for single-family homes. Those figures compare to 2011’s 38 units, eight single family; 2010’s 28 units, eight single family; and 2009’s 28 units, eight single family.

NJ Spotlight’s comprehensive map also shows a decrease in construction value in Eatontown. In 2009, the construction value per home was $122,375 while it rose to $165,305 in 2012 but dipped to $58,752 for 2013.

But Long Branch is seeing a different pattern. Long Branch has issued 73 permits for single-family homes through May, already surpassing 2012's figures. In 2012, the municipality issued 64 permits, a 34.7 percent decrease since 2009. Of those 64 permits, 44 were for single-family units. A total of 28 permits for single family homes were issued in 2011; 53 in 2010, 19 of which were for single family homes; and 98 in 2009, 20 of which were for single family homes.

Construction value also dropped in Long Branch. In 2009, the construction value per home was $204,620; 2012, $182,285; and 2013, $163,968.

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.