Community Corner

New Home Construction Dips in Red Bank, Booms in Shrewsbury

The state saw a 38 percent increase in the number of homes built from 2009 to 2012.

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 Shrewsbury, 43 single-family residential building permits have been authorized since May. In 2012, 57 were issued for single-family units, a 714 percent increase since 2009. Those figures compare to 2011’s 35 single-family unit, 2010’s 10 singe-family units and 2009’s seven single-family units.

Find out what's happening in Red Bank-Shrewsburywith free, real-time updates from Patch.

But NJ Spotlight’s interactive map shows a decrease in construction value in Shrewsbury. In 2009, the construction value per home was $200,250; 2012, $112,442; and 2013, $113,994.

But Red Bank is seeing a different pattern. In Red Bank, seven single-family permits have been issued through May. In 2012, a total of 27 permits for single-family housing were issued, a 12.9 percent decrease since 2009. Those figures compare to 2011’s 15 units, 10 single family; 2010’s 19 units, nine single family; and 2009’s 31 units, nine single-family units.

Find out what's happening in Red Bank-Shrewsburywith free, real-time updates from Patch.

Red Bank is also seeing a drop in construction value. In 2009, the construction value per home was $93,364 while it dipped to $50,829 in 2012 and rose to $63,241 for 2013.

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.


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