Brought to you by WBIW News and Network Indiana
Last updated on Tuesday, December 29, 2015
(INDIANAPOLIS) - Single-family building permits in Indiana increased 14 percent in November compared to the same time last year according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Permits decreased 18 percent in November over the previous month.
In November 2015, there were 958 single-family building permits issued compared to 838 in 2014. Single-family permits for the first 11 months of 2015 are down 2 percent compared to the first 11 months of 2014.
"We have not seen single-family building permits in November this high since before the recession in 2007," said Indiana Builders Association Chief Executive Officer Rick Wajda. "The rise in permits is welcomed news for an industry troubled by the lack of availability of lots and labor."
Single-family home builders sentiment remained near the same level established in June 2015. The National Association of Home Builders/Wells Fargo Housing Market Index fell one point to 61 in December. The index has been between 60 and 62 for six of the last seven months with only October rising briefly to 65. Any number over 50 indicates that more builders view sales conditions as good than poor.
"Although the economic recovery has been slow, it continues to add jobs, a key driver for housing market recovery," said Wajda. "Looking forward, there are signs that conditions in the housing market should show continued improvement into the new year."
About the Indiana Builders Association
The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana's home building, remodeling and light commercial construction industry. Established in 1952, IBA has 27 local affiliates organized into nine geographic areas across Indiana. IBA, along with its affiliates, are associated with the National Association of Home Builders in Washington, D.C. The organization works to educate its members, the general public, elected officials and regulatory bodies to maintain and develop workable and affordable regulations and laws that enable the citizens of Indiana to own a home. More information can be found at www.buildindiana.org.
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