24 Mar Indiana single-family building permits up 37 percent from February 2015
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 37 percent in February 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 increased 33 percent in February over the previous month.
In February 2016, there were 874 single-family building permits issued compared to 636 in 2015. The single family permit numbers for the first two months of 2016 are up 16 percent compared to the first two months of 2015.
“Single-family building permits in February have not been this high since before the recession in 2007,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “The increase in single-family building permits is consistent with positive builder sentiment and other economic indicators showing that the housing market is continuing a gradual recovery.”
The National Association of Home Builders/Wells Fargo Housing Market Index remained at 58 in March. Any number over 50 indicates that more builders view conditions as good than poor.
“We are encouraged by the increase in permit numbers and hope to see the trend continue throughout the year,” said Wajda. “As the economy continues to improve and job creation grows, we expect the housing market to continue on a gradual upward trajectory.”
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.