A new report from the Indiana University Kelley School of Business shows home prices in 2017 increased at the highest annual rate since 1991. The findings, published by the Indiana Business Research Center, detail a record number of existing homes -- more than 88,500 -- were sold last year in Indiana. Senior Demographer Matt Kinghorn expects the strong performance to continue. In an interview with Inside INdiana Business, Kinghorn discussed the factors contributing to the numbers.
"Most of Indiana's key housing indicators are pointing in the right direction," he said. "The real key constraint on the market right now is that there's an exceptionally low inventory of homes for sale on the market -- particularly existing homes. So, that really tight supply coupled with the rising prices should point to room for even further growth in residential construction for the next few years." Kinghorn adds that mortgage rates are expected to remain below five percent, which should continue to drive demand.
New residential building permits jumped 16 percent in 2017, compared to 2016. The total of 21,664 permits was the highest since before the Great Recession. Though ticking higher, the new construction figures remain relatively low, Kinghorn says. "While this marks a significant improvement, residential construction remains slow by historic standards," he says. "The number of permits issued for new single-family homes last year, for instance, is still only half as large as the average annual number of permits issued between 1998 and 2005."
Other figures release by the IBRC include a steadying of home ownership rates and dropping foreclosure rates statewide.
By Brian Harris Executive Creative Director, Bradley and Montgomery
It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.
The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s.
Pittsburgh-based U.S. Steel has announced it will idle its tin mill operations in East Chicago, affecting nearly 300 workers, half of which will lose their jobs. Our partners at The Times of Northwest Indiana report U.S. Steel blames the layoffs on the Del Monte food company which announced its own mass layoffs.
The U.S. Department of Defense has awarded Raytheon Co. in Indianapolis multiple contracts, totaling approximately $96 million. The DoD is spending nearly $30 million on avionics systems testing and integration for the Navy and Air Force.
Last month, it became legal for Hoosier farmers to grow hemp and a Gas City-based startup is being aggressive in being among the first to take advantage of market opportunities. Heartland Harvest Processing is helping farmers connect the new agricultural commodity to consumer products, including CBD. Founder and Chief Marketing Officer Chris Moorman says the first hemp harvest under the new law is expected to begin next month. In an interview with Business of Health...
The Wabash International Artist Residency will feature two Hoosier artists in an exhibition from August through October at the Honeywell Center in Wabash. An opening reception showcasing still life ink drawings by Mary Ann Lawson and surrealistic oil paintings by Tom Colcord will take place August 11.