28 Dec Home Builders Remain Confident as New Construction Slows
INDIANAPOLIS, Ind. – The number of permits filed for single-family homes in the state of Indiana decreased 14 percent between the months of October and November 2017. Despite a statistical decrease from the U.S. Census Bureau, single-family permit numbers in November of 2017 are 5% higher than those in November of 2016 and are up 10% for the first eleven months of this year.
“Even with a decrease for new construction, market conditions are improving as new policies form pathways for small business growth.” said Indiana Builders Association President Lance Swank. “With Indiana’s unemployment rate low and housing inventory tight, single-family starts should continue to make gains in 2018.”
In November 2017, there were 1,216 single-family building permits issued compared to 1,155 permits in November 2016.
Builder confidence in the market for newly built single-family homes has climbed five points in December at 74 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.
“The demand for housing has expanded as the economy welcomes new businesses in more parts of the state,” said Swank. “As initiatives are put in place to grow our industry, builders work with confidence to meet the growing demand for homeownership.”