Building Permits IncreasePosted: Updated:
The Builders Association of Greater Indianapolis says November single-family building permits in its nine-county area increased three percent over the same month last year. Chief Executive Officer Steve Lains says the numbers show the central Indiana economy is strong.
December 16, 2014
Indianapolis, IN – The November building permit reports indicate that in the Greater Indianapolis Nine-County area, Single-Family Building Permits increased three percent over the 2013 numbers year-to-date. Reports indicate there have been 4,757 new home permits issued so far this year compared to 4,626 in 2013 and are poised to surpass 5,000 permits by year end – the first time the market has been above 5,000 since 2007. In addition, Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released late last month.
"It is a very positive sign that all year monthly permit numbers have remained steady or have slightly increased and this month's numbers align with previous numbers - even though we usually see a dip in numbers during the fall and winter months," says Steve Lains, CEO of the Builders Association of Greater Indianapolis. "These numbers once again indicate that our Central Indiana economy is strong and we anticipate seeing similar numbers as we head into 2015."
In the Greater Indianapolis Nine-County region, the permits issued through October 2014 have created a total economic impact of $851,901,778 in local income, $193,395,778 in local taxes, and 14,423 local jobs, year to date (see chart below).
County Total Permits Local Income Local Taxes Local Jobs
Boone 406 $72,708,024 16,505,925 1,231
Hamilton 1,706 $305,516,968 69,357,410 5,173
Hancock 329 $58,918,571 13,375,491 998
Hendricks 696 $124,642,327 28,295,872 2,110
Johnson 590 $105,659,444 23,986,443 1,789
Madison 85 $15,222,123 3,455,674 258
Marion 763 $136,640,942 31,019,756 2,313
Morgan 119 $21,310,973 4,837,944 361
Shelby 63 $11,282,280 2,561,264 191
Totals: 4,757 $851,901,652 $193,395,778 14,423
The Builders Association of Greater Indianapolis is a professional trade association representing residential homebuilders, associates and remodelers. For more information call 317-236-6330; or visit bagi.com for permits from 2000-2014.
Source: Builders Association of Greater Indianapolis