The Indiana Builders Association says single-family building permits in Indiana fell three percent in January, compared with the same period in 2015. Despite the dip, Chief Executive Officer Rick Wajda expects to see steady growth in housing this year.
The organization says 658 single-family building permits were issued last month, compared to 681 in January 2015, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Permits also decreased 21 percent in January, compared to December.
"The economic outlook remains promising, as consumers regain confidence and home values increase, which will help the housing market move forward," said Wajda. "Builders are being cautious as they face some market uncertainties and a shortage of available lots and labor. We are confident that pent-up demand and an improving economy will help grow the housing market."
The organization says builders reported more consumer concerns over new home prices compared to existing homes.