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BUILDING PERMITS
Single-Family Permit Numbers Have Risen Every Month Since December of 2015
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 12 percent over last month. As of October 2016, there were 4,939 new home permits issued year-to-date compared to 4,378 last year – a rise in numbers for the eleventh straight month.
Since December of 2015, permits numbers have continued to rise each month in the Nine-County area. “Typically this time of year we see a drop in new construction permit numbers,” says Steve Lains, CEO of the Builders Association of Greater Indianapolis. “However, low mortgage rates coupled with
ongoing job growth and a rise in consumer con dence is resulting in the rise in new home construction not only here in Central Indiana but across the country. In fact, local area builders are having trouble meeting the consumer demand which exists in our high- volume counties like Hamilton and Hendricks and labor and lot shortages are also contributing to that struggle,” says Lains.
Once again, Hamilton County is pulling in the most single-family permits with 1850 year- to-date followed by Marion County with 816. Hendricks County saw the biggest spike, rising 25 percent followed by Madison County which is up 21 percent, both counties seeing development migration due to the rising home prices in suburban areas.
In the Greater Indianapolis Nine-County region, the permits issued in October 2016 have created a total economic impact of $884,494,905 in local income, $200,794,986 in local taxes, and 14,975 local jobs (see chart below).
THE BUILDERS ASSOCIATION OF GREATER INDIANAPOLIS is a professional trade
association representing residential homebuilders, associates and remodelers.
For more information, call 317-236-6330; or visit www.BAGI.com for permits numbers from 2000-2016.
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ECONOMIC IMPACT CHART