Building Permits Rise Again in Central Indiana

The new permits resulted in over 15

The Builders Association of Greater Indianapolis says single-family building permits rose 13 percent in June. Just under 600 permits were issued last month in the nine-county region, compared with 530 during the same month last year.

Just over 3,000 permits were issued year-to-date as of June 2016, compared with more than 2,600 permits during the same period in 2015. Steve Lains, chief executive officer of BAGI, says the continued rise in permit numbers and consumer demand being at an all-time high is excellent news for the industry and the local and national economies.

"However, I believe there is demand for 10% – 20% more homes in this market that are currently unable to be built under the $250,000.00 price point," said Lains. "Overreaching government regulations, similar to those that led the Association to recently file a lawsuit against the City of Greenwood, continue to burden housing production for homes priced to meet the needs of today’s growing workforce in the Central Indiana market. Teachers, fireman, law enforcement officers and returning military veterans are being priced out of many area markets by government regulations that, as identified in a recent study, have increased so dramatically to account for over 25% of the total cost of a newly built home.’

The BAGI says the permits issued last month created a total economic impact of more than $430 million.