26 Oct Indiana Sees Drop in Home Building during September
Indiana Sees Drop in Home Building during September
INDIANAPOLIS, Ind. – The number of permits filed for single-family homes in the state of Indiana dropped 15 percent between the months of August and September 2017. This data pulled from the U.S. Census Bureau indicates a recorded increase of 1 percent in September of this year compared to the same time last year, and is the highest number of permits pulled in September since 2007. Despite this slight decrease, permits pulled for the first nine months of 2017 are 10 percent higher than those pulled in 2016.
“It is not unusual to see a slight decrease in permit filings this time of year as builders work to finish existing homes before the season ends.” said Indiana Builders Association President Lance Swank. “The Indiana housing market remains healthy as we continue to prove home building’s role in attracting economic growth throughout the state.”
In September 2017, there were 1,275 single-family building permits issued compared to 1,265 permits in September of 2016.
As the country slowly recovers from the devastation of increased natural disasters and home builders begin to repair the extensive damage, builder confidence in the market for newly built single-family homes has increased by four points in October to 68 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.
“As home builders prepare for the winter months, we are confident that 2017 has made large strides in helping Hoosiers reach the goal of homeownership,” said Swank. “We are confident that the building industry will remain prosperous as we have seen a tight inventory of existing homes and a promising growth in household formation.”
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.