26 Aug Indiana single-family building permits down 14 percent in July
INDIANAPOLIS, Ind. – Single-family building permits in Indiana decreased 14 percent in July over the previous month while numbers decreased 8 percent in July 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.
In July 2015, there were 1,124 single-family building permits issued compared to 1,218 in 2014. Single-family permits for the first seven months of 2015 are nearly even compared to the first seven months of 2014.
“Many areas of the state experienced a very wet July, which certainly impacted housing starts,” said Indiana Builders Association Vice President Jim Pressel. “Although building permit numbers were lower than the previous month, they are significantly higher than the same time four years ago.”
The latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), which measures builder confidence, continued its slow rise to a nine-plus-year high of 61, up one point from July. A reading above 50 means most builders generally hold a favorable view of the market for newly built, single-family homes. The index has been at 60 or more since June and above the tipping point of 50 since July 2014.
“We have seen modest improvement in single-family building permits over the past few years as more existing home owners accumulate greater equity which can be used to purchase a new home,” said Pressel.
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.