NJ homebuilders begin breaking ground for stronger 2012
After buying land at affordable prices in 2011, some homebuilders in New Jersey are poised to start construction in 2012.
A sign has gone up along Aldrich Road in Howell: “Coming Soon. Coddington Hill.”
Behind it, workers were clearing land last week for a new development of 16 single-family homes. By late February or early March, a sales office is expected to open.
“We have had an astronomical interest,” said Scott Slagle, project manager at TJC Communities, a Raritan-based builder. “We were actually surprised from the amount of interest that we have been getting, just from the sign.”
After another weak year in 2011, New Jersey’s homebuilders are, as Dominick Paragano, president of the New Jersey Builders Association put it, “cautiously optimistic” for 2012. “They are more upbeat as to where we are going to be going.”
The home-buildng industry is in better shape then it was when it began its steep decline in 2005. After three years of historic lows, during which time few homes went up, the inventories of new homes have been depleted, said economist Patrick O’Keefe, director of economic research at J.H. Cohn LLC.
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Source: APP.com
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