28 Oct Indiana single-family building permits up 21 percent from September 2015
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 21 percent in September compared to the same time last year according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Permits decreased 10 percent in September over the previous month.
“Overall, we are seeing an increase in single-family permit numbers in 2016 compared to last year,” said Indiana Builders Association President Jim Pressel. “Low mortgage rates, continued job growth and tight inventory levels are all factors that contribute to a growing housing industry as we move into 2017.”
In September 2016, there were 1,265 single-family building permits issued compared to 1,046 in 2015. The single-family permit numbers for the first nine months of 2016 are up 15 percent compared to the first nine months of 2015.
Builder confidence in the market for newly constructed single-family homes remained on firm ground in October, declining two points to a level of 63 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view conditions as good than poor.
“Despite the slight decline in the HMI from last month, it now stands at its second-highest level in 2016, a sign that the housing recovery continues to make solid progress,” said Pressel. “Mortgage rates remain low and the HMI measuring future sales expectations has been over 70 for the past two months. These factors will sustain continued growth in the single-family market in the months to come.”
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 27 local affiliates organized into nine 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.