Five months into the year, there appears to be no letup in new home construction in central Indiana. The Builders Association of Greater Indianapolis says single-family building permits are up 53% over April 2020 for the nine-county area.
In April, 992 permits were issued, compared to 647 during the same period last year.
“Record low-interest rates continue to drive demand for new homes in our market,” said Steve Lains, BAGI chief executive officer. “As supply and labor costs increase and materials and lots remain in short supply, these interest rates have been the equalizer to offset increases in home prices.”
To date, approximately 3,700 permits have been issued in the nine-county area. About one-third of those were issued in Hamilton County.