25 Feb Indiana single-family building permits down 3 percent from January 2015
INDIANAPOLIS, Ind. – Single-family building permits in Indiana decreased 3 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 decreased 21 percent in January over the previous month.
In January 2016, there were 658 single-family building permits issued compared to 681 in 2015.
“Despite the slight dip in single-family permits in January, we expect to see ongoing, steady growth in housing in 2016,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “The economic outlook remains promising, as consumers regain confidence and home values increase, which will help the housing market move forward.”
The National Association of Home Builders/Wells Fargo Housing Market Index was 58 in February, still well above the tipping point of 50 and three points above last February but down from a recent peak of 65 in October 2015.
Builders reported more consumer concern over the price of new homes relative to existing homes as builders face higher costs for labor, land and materials. “Builders are being cautious as they face some market uncertainties and a shortage of available lots and labor,” said Wajda. “We are confident that pent-up demand and an improving economy will help grow the housing market.”
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.