29 Oct Indiana single-family building permits down 9 percent in September
INDIANAPOLIS, Ind. – Single-family building permits in Indiana decreased 9 percent in September over the previous month while numbers decreased 13 percent in September 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 September 2015, there were 1,046 single-family building permits issued compared to 1,200 in 2014. Single-family permits for the first nine months of 2015 are down 2 percent compared to the first nine months of 2014.
“Homebuilders in Indiana continue to face challenges regarding the availability of lots and labor,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “Despite this month’s drop in single-family building permits, we are optimistic that the housing market will gradually, but steadily, improve through the remainder of the year.”
The latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), which measures builder confidence, continued its slow rise to a level of 65, up three points from September. A reading above 50 means most builders generally hold a favorable view of the market for newly built, single-family homes. This month’s reading is a return to HMI levels seen at the end of the housing boom in late 2005.
“Builder confidence has been holding steady or increasing for five straight months,” said Wajda. “The upward mobility proves that the housing industry is strengthening at a gradual, but consistent pace.”
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.