03 Mar Indiana single-family building permits up 32 percent from January 2016
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 32 percent in January 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 12 percent in January over the previous month.
“The housing market remains strong after a solid finish in 2016 that was spurred by employment gains and a rise in household formations,” said 2017 Indiana Builders Association President Lance Swank. “As we move forward in 2017, we can expect single-family housing permits to increase at a gradual, but consistent pace.”
In January 2017, there were 868 single-family building permits issued compared to 658 in 2016.
Builder confidence in the market for newly built single-family homes declined two points in February to 65 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.
“Regulatory burdens remain a major challenge to our industry and many builders still face shortages of lots and labor,” said Swank. “Building material price increases will also be a rising concern this year, but despite these constraints, the overall housing market fundamentals remain strong and we expect to see continued growth.”
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.