The Indiana Builders Association says single-family building permits throughout the state jumped 22 percent in August. According to data from the U.S. Census Bureau and the Department of Housing and Urban Development, 1,398 permits were issued last month, compared to 1,150 in the same month last year.
The IBA says permit numbers year-to-date are up 14 percent compared to the same period in 2015. The number of permits issued in August were also up 18 percent over the previous month.
"Historically low mortgage interest rates make the ability to purchase a home a reality for many Hoosiers," said Jim Pressel, president of the Indiana Builders Association. "Looking forward, there are signs that conditions in the housing market should show continued improvement in the coming months. We expect this upward momentum will continue throughout the remainder of the year and into 2017."
The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index increased six points to 65. August’s number, which was initially reported as 60, was revised to 59. The IBA says any number above 50 means more builders view conditions as good.