The Indiana Builders Association is reporting 835 single-family building permits were issued in December, up from 726 during the same month in 2014. However, the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development shows permits decreased 13 percent from November.
The IBA says permits for 2015 were down 1 percent from 2014 totals. Chief Executive Officer Rick Wajda says the housing market has settled into a steadier pattern after years of ups and downs.
"A firming economy, solid job growth and rising consumer confidence are all positive indicators that provide solid evidence this will be a good year for housing and the economy," said Wajda. "Top concerns for builders in 2016 include the cost and availability of developed lots and labor, federal environmental regulations that are making it more expensive and difficult to build homes and increasing building material prices."
Wajda adds he is that Indiana’s unemployment rate, which is at its lowest level in more than a decade, will play a factor in a growing housing market in 2016.