9/4/2017 1:01:00 PM Single-family Indiana housing permits see jump in July 2017
INDIANAPOLIS – The number of permits filed for single-family homes in Indiana increased 10 percent in July compared to the same time last year.
This data, pulled from the U.S. Census Bureau, indicates a small increase between July 2016 and July 2017, but records a 20 percent drop in the number of permits filed between June 2017 and July 2017. Despite the considerable decline, these figures indicate Indiana home building is still up 12 percent for the first seven months of this year, according to a press release from the Indiana Builders Association.
“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,” said Indiana Builders Association President Lance Swank in the press release. “As Indiana continues to welcome more homeowners to the economy, we are confident home building will fall in line to meet consumer needs.”
In July 2017, there were 1,310 single-family building permits issued compared to 1,189 permits in July 2016.
Even with decreasing numbers of permits filed between June and July, builder confidence in the market for newly built single-family homes has increased by four points in August to 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view sales conditions as good than poor, according to the press release.
“Our industry has recently been faced with a substantial amount of supply-side challenges that greatly affect our members,” said Swank in the press release. “However, with the state’s initiatives on job and economic growth, our members are encouraged by the demand in housing from Hoosiers across generations.”