Multifamily projects now account for more than half of all residential construction permits issued in New Jersey, as interest in the sector continues its steady year-to-year growth, according to new research from Jones Lang LaSalle.
The brokerage firm, using U.S. Census Bureau data, found about 57 percent of the home permits issued in 2013 involved projects with two or more units. That compares to 50 percent in 2008 and less than 40 percent a decade ago.
Researchers in the firm's New Jersey office said the trend is driven by a scarcity of land, downsizing by baby boomers and the growth of a the "Millennial" generation as a percentage of the workforce. Much of the demographic is flowing toward urban locations with access to mass transportation.
About 25,000 residential permits were issued in 2013, according to JLL.