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BUILDING PERMITS
Single-Family Numbers Rise in Eight of Nine Counties in the Metro Area
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis Nine- County area, Single-Family Building Permits rose 13 percent compared to 2015 numbers and rose 14 percent over last month. As of August 2016, there were 3,979 new home permits issued year-to-date compared to 3,532 last year.
Madison County is seeing the biggest jump in permits with a 38 percent increase over last year, a 33 percent increase over last month, and exceptionally rising numbers since May of this year. “Development
is beginning to happen in areas outside of typical growth areas like Fortville, Pendleton and Green eld,” says Steve
Lains, CEO of the Builders Association of Greater Indianapolis. “The rising price points in our heavily populated counties are causing homebuyers to expand their search order to get a lower overall price,” says Lains.
Additionally, Hendricks County is showing strong numbers with a 35 percent increase over last year’s numbers. Hamilton County, which is the fastest growing county in the metro area, pulled the most building permits recording 1,477 year-to-date. The City of West eld in Hamilton County, which is the site for this year’s Home-A-Rama happening this month, is leading the other cities with 444 permits so far this year.
In the Greater Indianapolis Nine-County region, the permits issued in August 2016 have created a total economic impact of $712,574,453 in local income, $161,766,197 in local taxes, and 12,064 local jobs (see chart below).
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ECONOMIC IMPACT CHART