Page 22 - Sites_February 17

BUILDING PERMITS
2016 Year-End Single-Family Permit Numbers Show Best Numbers Since 2007
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 5 percent over last month. As of December 2016, there were 5,778 new home permits issued year-to-date compared to 5,118 last year – a rise in numbers for the thirteenth straight month, the biggest surge since 2007.
“The growing Indianapolis economy has provided consumer con dence which
has created demand for the new housing rebound,” said Craig Jensen, President of Builders Association of Greater Indianapolis and Indianapolis (BAGI) and Division President forCalAtlanticHomes. Accordingtothe National Association of Home Builders, Builder Con dence is at the highest level since 2005.
Locally we are seeing spikes in permits in Madison County reporting a 36% increase and Hendricks County showing a 30% increase, and Hamilton County with a 15% increase. “Market analysts are predicting another gradual climb for housing in 2017 but local-area builders continue to face lot, labor and lending constraints,” says Steve Lains, CEO of BAGI. “Sixty-four percent of builders nationwide report those shortages; however, economic growth and rising job creation numbers help keep our numbers on the rise”, says Lains.
Once again, Hamilton County is pulling in the most single-family permits with 2,198 year- to-date followed by Marion County with 948 and Hendricks County reporting 932.
In the Greater Indianapolis Nine-County region, the permits issued in December 2016 have created a total economic impact of $1,034,746,215 in local income, $224,904,521 in local taxes, and 17,519 local jobs (see chart below)
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ECONOMIC IMPACT CHART