12 Feb Indiana Home Building Sees 10-Year High
INDIANAPOLIS, Ind. –The United States Census Bureau has released data on Indiana home building in 2017, indicating a 10-year high for single-family construction starts for the state. Single-family permits are up 10% from 2016 with 15,435 permits pulled in total for 2017. There were 948 permits pulled in December of 2017, a 22% increase from December of 2016 when only 778 permits were pulled.
“As the existing home inventory tightens, we have seen a positive progression for single-family construction in2017,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “With the state’s emphasis on economic development and increasing wages, new construction should expand to meet the growing introduction of homeowners to the marketplace.”
Builder confidence in the market for newly built single-family homes has two points in January at 72, after an 18-year high in December of 2017, 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.
“Going into 2018, builders are optimistic as policy makers put efforts in place to benefit small business owners like those in our industry” said Indiana Builders Association President Pat Richard. “While we still face critical supply-side challenges like lot and labor shortages, builders are confident that housing will remain an important keystone of the Hoosier economy.”