28 Nov Indiana single-family building permits up 8 percent from October 2015
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 8 percent in October 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. This number is essentially even from the previous month.
“As we near the end of the year, it is encouraging to see that single-family permits are up 14 percent compared to last year,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “Increased economic improvement and consumer confidence are both factors that have played into the steady advancement of new home sales this year, and we expect that trend will continue into 2017.”
In October 2016, there were 1,264 single-family building permits issued compared to 1,174 in 2015. The single-family permit numbers for the first 10 months of 2016 are up 14 percent compared to the first 10 months of 2015.
Builder confidence in the market for newly-built single-family homes held steady in November at 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.
“Builder sentiment has held well above 60 for the past three months, indicating that the single-family housing sector continues to show slow, gradual growth,” said Wajda. “Ongoing job creation, rising incomes and attractive mortgage rates are supporting demand in the housing market. These factors will help keep housing on a steady, upward path in the months ahead.”
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.