Statewide Building Permits Rise Again
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indiana Builders Association says single-family building permits throughout the state rose 8 percent in October. According to data from the U.S. Census Bureau and the Department of Housing and Urban Development, 1,264 permits were issued last month, compared to 1,174 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 October were essentially even from the previous month.
"Increased economic improvement and consumer confidence are both factors that have played into the steady advancement of new home sales this year, and we expect that trend will continue into 2017," said Rick Wajda, chief executive officer of the IBA. "Ongoing job creation, rising incomes and attractive mortgage rates are supporting demand in the housing market. These factors will help keep housing on a steady, upward path in the months ahead."
The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index held steady at 63 in October. Any number above 50 means more builders view conditions as good.
Wajda says the fact that the number has held above 60 for the past three months suggests the single-family housing sector "continues to show slow, gradual growth."
