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NJ building contractors announce rise in permits.

In what the Building Contractors Association of New Jersey (BCA/NJ) is calling a "significant turnaround for the industry, "permits for construction industrial and commercial buildings in New Jersey represented projects totalling more than $47.4 million during the second quarter of 1992, a 73 percent increase over the same period in 1991.

According to figures gathered by BCA/NJ, permits for industrial buildings from April to June of 1992 were for projects worth $29.15 million, compared with only $11.8 million for the second quarter of 1991. Permits for commercial building during the second quarter of 1992 represented projects totalling $18.3 million, compared with $15.6 million for the same period in 1991.

"Clearly, this 73 percent increase is a sign of a bright future for New Jersey's construction industry," according to Jack H. James, BCA/NJ managing director. "It's a trend we expect to continue for the next few years."

James lauded the state legislature for passing what we called "key legislative actions" to support the construction industry, such as the Economic Recovery Fund Act, which earmarks $200 million for construction, and the Permit Extension Act, which provides automatic extensions for many contractors who could not build as a result of the recession.

James pointed out that the state has lost 50,000 construction jobs during the past two years.
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Title Annotation:New Jersey
Publication:Real Estate Weekly
Date:Oct 7, 1992
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