Looks like the building boom in Northern New Jersey is slowing down, for a number of reasons. NorthJersey.com reports:
After a four-year surge, home construction in New Jersey has eased this year, running about 12.6 percent behind last year's pace, according to the U.S. Census.
Multifamily construction continues to drive the activity, accounting for 64 percent of the building permits issued in the state so far this year. Through September, builders have gotten approvals for 19,985 housing units in New Jersey, compared with 22,861 for the same period in 2015.
Patrick O'Keefe, an economist with New York-based accounting and auditing firm CohnReznick and former chief executive officer of the New Jersey Builders Association, said the construction pipeline may have slowed because many proposed projects face complicated zoning, environmental and affordable-housing issues.
And single-family construction companies have been slower to build, because there aren't as many trade-up buyers willing to sell their current homes, largely because they would get less money than they want, O'Keefe said.