Indiana Home Building Sees 10-Year High for Month of May

26 Jun Indiana Home Building Sees 10-Year High for Month of May

INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 12 percent in May compared to the same time last year according to the latest data from the U.S. Census Bureau. Permits increased by 23 percent between April and May, giving the state a total of 6,141 permits for the first five months of 2017.

“This substantial increase reflects the continual growth of the state’s healthy housing market,” said Indiana Builders Association President Lance Swank. “Home building has reached a peak we have not seen since 2007, therefore, Hoosiers are confident Indiana remains a great place to both buy and build a home.”

In May 2017, there were 1,604 single-family building permits issued compared to 1,426 in May of 2016.

Builder confidence in the market for newly built single-family homes weakened slightly by two points in June to 67 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.

“Builder Confidence remains consistently sound this year as the housing market makes a gradual recovery,” said Swank. “As more buyers enter the market place, it is important that we continue our efforts to repair the ongoing skilled labor shortage and burdensome regulations that our builders are challenged with.”