The Builders Association of Greater Indianapolis says single-family building permits in central Indiana rose 11 percent in October. The organization, which covers a nine-county region, says even with the increase, room remains for future growth.
The BAGI says 550 permits were issued last month, compared with 494 during the same month last year. The organization says 5,258 permits have been issued year-to-date, which is a 6 percent increase over the same period in 2016.
"Demographics are changing," said Craig Jensen, board president of The Builders Association of Greater Indianapolis. "While we are encouraged to see slight increases in permits this month, census data tells us that single-person households are expected to grow 44% nationwide by 2030. Our market is lacking the price points and housing product to accommodate both the young and mature generations who are seeking smaller homes on smaller lots with less maintenance and more walkability. In order to continue growing, community planning processes must be adapted to fit these evolving needs."
Seven of the nine counties saw increases in building permits. Hancock County led the way with a 73 percent increase over October 2016. Hamilton County was the only county with a decrease in permits, dropped 18 percent compared to the previous year. Boone County remained flat for the month.
You can view the figures for September and for all of 2017 in the chart below: