Builders Association Optimistic, Despite Permit Dip

(Infographic Courtesy: Indiana Builders Association)

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The Indiana Builders Association says single-family building permits were down statewide. The organization says October totals decreased 6 percent in October, compared to the same period a year earlier.

However, U.S. Census Bureau and Department of Housing and Urban Development data show permits were up 12 percent in October versus the month before.

In October, 1,174 permits were issued, a dip from 1,250 during the same month in 2014. For the first 10 months of the year, permits are off by 3 percent compared to last year.

IBA Chief Executive Officer Rick Wajda says "Homebuilders continue to express concern about the lack of buildable lots and limited availability of construction labor crews. While these supply constraints have limited builders’ ability to construct new homes, we are optimistic that continued job creation and affordable mortgage rates will keep housing on an upward trajectory as we approach 2016. Builder confidence has remained in the 60s for six straight months despite a drop in this month’s number. This indicates that the single-family housing market is making long-term progress."