The Indiana Builders Association says new numbers show single-family building permits in November almost reached pre-recession levels. The organization says totals have increased ten consecutive months, compared to the same months a year earlier. The statistics from the U.S. Census Bureau and the Department of Housing and Urban Development show 1,155 single-family permits were issued last month, up from 958 in November 2015.
IBA President Jim Pressel says "a solid job market and a growing economy have spurred this growth, and we expect that upward trajectory to continue into next year." He adds that a seven point national rise in builder confidence "is consistent with recent increased economic improvement and consumer confidence. At the same time, builders remain sensitive to rising mortgage rates and continue to deal with shortages of lots and labor." The National Association of Home Builders/Wells Fargo Housing Market Index now stands at 70, which is the highest level since July 2005.
To date in Indiana, single-family permits have jumped 14 percent, compared to the same 11 month period last year. You can connect to more on the increase by clicking here.