Statewide Building Permits Hit 10-Year High

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INDIANAPOLIS -

The Indiana Builders Association says single-family building permits in Indiana rose 10 percent in 2017 over the previous year. The organization says 15,435 permits were issued throughout the state last year, marking a 10-year high.

The IBA adds 948 permits were issued in December, up from 778 permits during the same month in 2016. 

"As the existing home inventory tightens, we have seen a positive progression for single-family construction in 2017," said IBA Chief Executive Officer Rick Wajda. "With the state’s emphasis on economic development and increasing wages, new construction should expand to meet the growing introduction of homeowners to the marketplace."

The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index fell two points in January to 72, following an 18-year high in December. Any number over 50 means builders view sales conditions as good rather than poor.

"Going into 2018, builders are optimistic as policy makers put efforts in place to benefit small business owners like those in our industry," said IBA President Pat Richard. "While we still face critical supply-side challenges like lot and labor shortages, builders are confident that housing will remain an important keystone of the Hoosier economy."

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