24 Jun Indiana single-family building permits down two percent in May
INDIANAPOLIS, Ind. – Single-family building permits in Indiana decreased two percent in May over the previous month while numbers decreased 10 percent in May 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 May 2015, there were 1,184 single-family building permits issued compared to 1,312 in 2014. Single-family permits for the first five months of 2015 are up one percent compared to the first five months of 2014.
“The housing market in Indiana continues to show signs of a slow, steady recovery,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “It has been a tough eight years for many of our builders and we are just now seeing signs of consistent optimism amongst our members.”
According to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index, 66.5 percent of new and existing homes sold between January and the end of March were affordable to families earning the U.S. median income of $65,800.
In addition, a recent survey from NAHB reports confidence among U.S. home builders jumped to its highest level in nine months to a reading of 59 in June. A reading above 50 means most builders generally hold a favorable view of the market for newly built, single-family homes.
“Although the numbers in May were slightly lower than the previous month, it is encouraging to know that 2015 is off to a better start than 2014,” said Wajda. “Historically low interest rates and low housing inventory across the state are both factors that will contribute to the continued growth of the housing industry.”
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.