30 Nov Indiana single-family building permits up 12 percent in October
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 12 percent in October over the previous month while numbers decreased 6 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.
In October 2015, there were 1,174 single-family building permits issued compared to 1,250 in 2014. Single-family permits for the first 10 months of 2015 are down 3 percent compared to the first 10 months of 2014.
“Homebuilders continue to express concern about the lack of buildable lots and limited availability of construction labor crews,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “While these supply constraints have limited builders’ ability to construct new homes, we are optimistic that continued job creation and affordable mortgage rates will keep housing on an upward trajectory as we approach 2016.”
The latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), which measures builder confidence, slipped three points to 62 in November. The index has been above 60 since June 2015 and remains well above the tipping point of 50, meaning there are more builders who consider the market to be improving compared to the number of those who see it worsening.
“Builder confidence has remained in the 60s for six straight months despite a drop in this month’s number,” said Wajda. “This indicates that the single-family housing market is making long-term progress.”
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.