Building Permits Continue Surge
The Builders Association of Greater Indianapolis says single-family building permits in central Indiana jumped 21 percent in November. BAGI says 462 permits were issued last month in the nine-county region, compared with 382 permits during the same month last year.
Building permit numbers have increased for 12 consecutive months, which is the largest surge since 2007. The organization says 5,401 permits have been issued year-to-date, which is a 13 percent increase over the same period in 2015.
"The local housing market continues to be strong and market analysts say it will continue with steady gains in 2017," says Steve Lains, chief executive officer of the BAGI. "Local builders remain sensitive to the labor and lot shortages and rising mortgage rates but the consumer confidence levels and the strong recovering economy seems to help balance the marketplace right now."
Morgan County is the only county in the region that saw a decrease in permits year-to-date, dropping 12 percent. Permits in Morgan County have stayed flat or decreased in nine of the last 11 months.