29 Nov Indiana Home Building Springs Back for October
INDIANAPOLIS, Ind. – The number of permits filed for single-family homes in the state of Indiana increased 11 percent between the months of September and October 2017. This data pulled from the U.S. Census Bureau indicates a recorded increase of 12 percent in October of this year compared to the same time last year, and is the highest number of permits pulled in October in over ten years. With this increase, permits pulled for the first ten months of 2017 are 10 percent higher than those pulled in 2016, totaling at 13,271 permits in Indiana.
“Data from this year has shown the demand for housing is increasing at a consistent pace.” said Indiana Builders Association Chief Executive Officer Rick Wajda. “As more Hoosiers realize the value of homeownership, we have seen a spur in economic growth and a tighter housing inventory that will create a strong market to finish out 2017.”
In October 2017, there were 1,416 single-family building permits issued compared to 1,264 permits in October 2016.
Builder confidence in the market for newly built single-family homes has climbed to an eight-month high in November at 70 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.
“It is no secret that the building industry continues to face numerous supply-side challenges such as lot and labor shortages,” said Wajda. “However, builders are confident that a strong single-family housing market is the key to long-term economic prosperity for both families and the state as a whole.”
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.