08 Apr February Housing Starts Down in Indiana
INDIANAPOLIS, Ind. – The U.S. Census Bureau recently released statewide totals for building permits issued in February of 2019 and shows 920 single-family permits were pulled. This number is up 8% from January of 2019, when 854 permits were pulled. The 920 permits pulled in February of 2019 are down 9% from of 2018.
“The statistical decrease in permit numbers is nothing to be alarmed about yet,” says Indiana Builders Association President Don Thieneman. “However, if a solution to our housing affordability issues is not addressed soon, builders will simply not be able to meet the growing demand for new construction.”
Housing affordability has been cited as the dominant factor in builder confidence this season by the National Association of Home Builders. Excessive regulations, a scarcity of buildable lots, persistent labor shortages and tariffs on lumber and other key building materials are all factors in the ability for builders to create housing at affordable and competitive price points.
“While the decrease in permits for February is a little deceiving, we are still taking caution for 2019 as affordability factors continue to pose a threat to our builders,” says IBA Chief Executive Officer Rick Wajda. “We will continue to monitor housing permit data closely, understanding that it is still too soon to tell if a construction downturn looms.”