24 Aug Indiana single-family building permits up 6 percent from July 2015
INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 6 percent in July 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 17 percent in July over the previous month.
“As we move into the second half of 2016, it is encouraging to see single-family building permits continue to increase compared to last year,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “The economic fundamentals are in place for continued growth in the housing market throughout the remainder of the year.”
In July 2016, there were 1,189 single-family building permits issued compared to 1,124 in 2015. The single family permit numbers for the first seven months of 2016 are up 13 percent compared to the first seven months of 2015.
Builder confidence in the market for newly constructed single-family homes in August rose two points to 60 from a downwardly revised reading of 58 in July on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view conditions as good than poor.
“Historically low mortgage rates and continued job creation will help keep housing on an upward path during the rest of the year,” said Wajda.
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.