The Builders Association of Greater Indianapolis reports building permits stayed level in January. The organization says 318 single-family building permits were issued last month, which was the same number in January 2015.
The organization says builder confidence remains high and market analysts are predicting that this year will be similar to last year with slight or steady growth in permit numbers. The permits issued last month created nearly $57 million in economic impact.
"While Indianapolis anticipates permits for homes above $250,000 will remain steady, all indicators point to untapped higher demand in the first-time, millennial, and empty-nester markets seeking homes below that price point," said Steve Lains, CEO of the Builders Association of Greater Indianapolis. "In fact, area demographics point out that only 23% of residents in the nine-county area can comfortably qualify for a mortgage amount of $250,000 or more. Yet, development costs and local regulations often prohibit homes under $250,000 from being built in local municipalities."
The January permits also created nearly $13 million in local taxes.