27 Sep Indiana single-family building permits up 22 percent from August 2015
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 22 percent in August 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 increased 18 percent in August over the previous month.
“Historically low mortgage interest rates make the ability to purchase a home a reality for many Hoosiers,” said Indiana Builders Association President Jim Pressel. “Looking forward, there are signs that conditions in the housing market should show continued improvement in the coming months.”
In August 2016, there were 1,398 single-family building permits issued compared to 1,150 in 2015. The single family permit numbers for the first eight months of 2016 are up 14 percent compared to the first eight months of 2015.
Builder confidence in the market for newly built, single-family homes in September jumped six points to 65 from a downwardly revised August reading of 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This marks the highest HMI level since October 2015.
“It is encouraging to see permit numbers this year are up 14 percent compared to last year,” said Pressel. “We expect this upward momentum will continue throughout the remainder of the year and into 2017.”
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.