Building Permits See Double-Digit Rise Statewide
INDIANAPOLIS - The Indiana Builders Association says single-family building permits rose 10 percent in July. The organization says 1,310 permits were issued throughout the state, up from 1,189 during the same month last year.
The IBA says permits decreased 20 percent over the previous month, according to the latest data from the U.S. Census Bureau. However, the overall number of permits remains up 12 percent for the first seven months of the year.
"When comparing the data from last year, we see that the upward trend is still reflective of a continued recovery for the state housing market." Indiana Builders Association President Lance Swank said in a news release. "As Indiana continues to welcome more homeowners to the economy, we are confident home building will fall in line to meet consumer needs."
The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index increased four points to 68 in August. Any number over 50 means more builders view sales conditions as good rather than poor.
"Our industry has recently been faced with a substantial amount of supply-side challenges that greatly affect our members," said Swank. "However, with the state’s initiatives on job and economic growth, our members are encouraged by the demand in housing from Hoosiers across generations."