27 Jan 2016 Indiana single-family building permits finish on nine-year high
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 13 percent in 2016 compared to last year according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Permits decreased 7 percent in December compared to the same time last year.
In December 2016, there were 778 single-family building permits issued compared to 835 in 2015.
“The 2016 single-family building permits are the highest since 2008,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “We expect to continue to see an increase in single-family home construction this year, fueled by a growing economy and solid job growth.”
Builder confidence in the market for newly-built single-family homes remained on firm ground in January, down two points to a level of 67 from a downwardly revised December reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view sales conditions as good than poor.
“Cost and availability of labor was a problem builders faced in 2016 and expect to continue to face in 2017,” said Wajda. “Cultivating a robust and skilled workforce will be key for the housing industry this year.”
About the Indiana Builders Association
The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana’s home building, remodeling and light commercial construction industry. Established in 1952, IBA has 25 local affiliates organized into eight geographic areas across Indiana. IBA, along with its affiliates, are associated with the National Association of Home Builders in Washington, D.C. The organization works to educate its members, the general public, elected officials and regulatory bodies to maintain and develop workable and affordable regulations and laws that enable the citizens of Indiana to own a home. More information can be found at www.buildindiana.org.