February Housing Starts Down in Indiana
INDIANAPOLIS - The U.S. Census Bureau has released statewide totals for building permits issued in February. The report shows that 920 single-family permits were issued, up 8 percent from January with 854 permits.
The 920 permits issued in February are down 9 percent from the same period last year.
The National Association of Home Builders has named housing affordability the dominant factor in builder confidence this season.
Excessive regulations, a scarcity of buildable lots, persistent labor shortages and tariffs on lumber and other key building materials are all factors in the ability for builders to create housing at affordable and competitive price points, according to the report.
“The statistical decrease in permit numbers is nothing to be alarmed about yet,” said Indiana Builders Association President Don Thieneman in a news release. “However, if a solution to our housing affordability issues is not addressed soon, builders will simply not be able to meet the growing demand for new construction.”