01 Oct New home construction rises in August amid economic challenges
INDIANAPOLIS, Ind. –The United States Census Bureau has released the most recent data on Indiana home building, indicating a rise for single-family construction starts for August. Single-family permits are up 8% from July 2018 when 1,497 permits were pulled and also up 8% from August of last year when 1,502 permits were pulled. Overall the state stands at a 7% total increase for the first eight months of 2018 compared to 2017.
“This statistical increase shows that Indiana residents still have a strong demand for newly built homes” said Indiana Builders Association President Pat Richard. “Our builders are continuing to work hard and meet homeowner expectations, fully aware of the ongoing affordability concerns that surround our industry.”
Builder confidence in the market for newly built single-family homes remains unchanged in September at 67, on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view sales conditions as good than poor.
“Although we see an increase in starts for August, we are likely to see new home starts slow down a bit in the months ahead as we ease out of the proverbial building season” said Indiana Builders Association Chief Executive Officer Rick Wajda. “As we push forward, we are keeping a pulse on the continuing regulatory burdens for new home construction as well as the increasing costs on building materials due to tariffs imposed on a wide range of products.”