The Indiana Builders Association says single-family building permits throughout the state jumped 21 percent in September. According to data from the U.S. Census Bureau and the Department of Housing and Urban Development, 1,265 permits were issued last month, compared to 1,046 in the same month last year.
The IBA says permit numbers year-to-date are up 15 percent compared to the same period in 2015. The number of permits issued in September were also up 10 percent over the previous month.
"Overall, we are seeing an increase in single-family permit numbers in 2016 compared to last year," said IBA President Jim Pressel. "Low mortgage rates, continued job growth and tight inventory levels are all factors that contribute to a growing housing industry as we move into 2017."
The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index decreased two points to 63. The IBA says any number above 50 means more builders view conditions as good.
"Despite the slight decline in the HMI from last month, it now stands at its second-highest level in 2016, a sign that the housing recovery continues to make solid progress," said Pressel. "Mortgage rates remain low and the HMI measuring future sales expectations has been over 70 for the past two months. These factors will sustain continued growth in the single-family market in the months to come."