The Indiana Builders Association says single-family building permits rose 5 percent in November. The organization says 1,216 permits were issued throughout the state, up from 1,155 during the same month in 2016.
However, the IBA says permits decreased 14 percent over the previous month, according to the latest data from the U.S. Census Bureau. The organization says, year-to-date, the overall number of permits remain 10 percent higher than the first 11 months of 2016.
IBA President Lance Swank says market conditions are improving with new policies forming pathways for small business growth, despite a decrease in new construction.
"With Indiana’s unemployment rate low and housing inventory tight, single-family starts should continue to make gains in 2018," said Swank. "The demand for housing has expanded as the economy welcomes new businesses in more parts of the state. As initiatives are put in place to grow our industry, builders work with confidence to meet the growing demand for homeownership."
The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index rose five points to 74 in December. Any number over 50 means builders view sales conditions as good rather than poor.