Building Permits Rise Again in May
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Builders Association of Greater Indianapolis reports single-family building permits in central Indiana rose in May. The organization says 571 permits were issued in the nine-county region last month, compared with 497 during the same month last year.
Year-to-date, more than 2,400 permits have been issued, compared to more than 2,100 during the same period in 2015.
"Local area builders are optimistic with the rise in permit numbers this month, however, builders are slow to meet the demand for homes below $300,000 because of local governments’ increases in construction standards and regulations," said Steve Lains, chief executive officer of the BAGI. "With the growing local and national economy, and millennials and empty nesters creating great demand in the market for homes under $300,000, builders are struggling with the ability to build a product to meet their price point. This is a problem we are seeing both nationally and here in the nine-county area."
The BAGI says the permits issued last month created an economic impact of more than $430 million.