Thursday, March 18, 2010

Housing Starts in February down in New Jersey

Even with the wintry weather in much of the country last month, the pace of single-family home production remained virtually unchanged throughout the country, with a 0.6 percent decline to a seasonally adjusted annual rate of 499,000 units, according to figures released today by the U.S. Commerce Department. Meanwhile, a large decline on the more volatile multifamily side brought the overall number of housing starts down 5.9 percent to a seasonally adjusted annual rate of 575,000 units.

"Today's single-family numbers are fairly encouraging, in that the level of building activity held firm even as large portions of the country experienced abnormal weather conditions," noted Bob Jones, chairman of the National Association of Home Builders (NAHB).
On a regional basis, combined starts activity declined 9.6 percent in the Northeast and 15.5 percent in the South, where unusually poor weather conditions were a factor in February. Meanwhile, starts activity posted gains of 14.3 percent in the Midwest and 7.9 percent in the West.
Look for New Jersey builders to make up for lost time in March when the good weather arrives to stay.  Contact me for information on new home construction in Mercer County.  There are several communities with new homes available and builders who want to move their inventory.
Joe Giancarli, Sales Associate

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