The Indiana Builders Association says a new study illustrates the annual economic impact of the industry on the state. The research, completed in conjunction with the National Association of Home Builders, shows that for every 1,000 single-family homes built in Indiana, nearly $209 million in income is generated.
Additionally, the study links 3,197 jobs and $38.8 million in taxes and other revenue to the building of every 1,000 homes. IBA Chief Executive Officer Rick Wajda calls the economic impact "substantial," but says challenges still face the industry. "The latest data shows that, on average, regulations imposed by government at all levels account for nearly 25 percent of the final price of a new single-family home built for sale. That is why the Indiana Builders Association will continue to advocate for pro-housing policies that keep regulations in check at the local, state and federal levels."
The organization says home starts are on the rise. In 2016, single-family building permit figures reached the highest level since 2008 and were up 13 percent year-over-year. You can connect to the full study by clicking here.